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Fly News Breaks for November 5, 2019
Nov 5, 2019 | 06:41 EDT
Wells Fargo analyst Elyse Greenspan downgraded Prudential to Market Perform from Outperform with a price target of $92, down from $105. In a research note to investors, Greenspan notes that the company's quarterly EPS of $3.22 handily beat estimates, but notes that this was the second quarter in a row where earnings have been re-based lower. Greenspan says she is using this as an opportunity to move to the sidelines. While Prudential has been working on its financial wellness initiatives, which should improve its margin and return prospects, the analyst states that the positive impact of these initiatives will not start to be felt in numbers until late next year.
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