Citi analyst Suneet Kamath downgraded Prudential Financial to Sell from Neutral with a price target of $86, down from $88. Previously, the analyst had been concerned with "when" Prudential would get back to above-peer growth and return on equity. Now, however, he's concerned "if" the company can get there, particularly if interest rates remain low. Prudential's Japan business seems to now be as sensitive to low U.S. interest rates as its U.S. business is, Kamath tells investors in a research note. While the analyst still expects Prudential will achieve $500M of margin expansion by the end of 2022-end, he thinks some of this benefit could be offset if rates remain low. The stock's current valuation does not reflect this uncertainty, says Kamath.