Fly News Breaks for November 5, 2019
Nov 5, 2019 | 17:06 EDT
Keefe Bruyette analyst Ryan Krueger downgraded Prudential to Market Perform from Outperform with a price target of $102, down from $107. To reflect softer business growth and lower individual annuity margins, the analyst further reduced his estimates for Prudential. He now forecasts an intermediate-term return on equity towards the low-end of the company's 12%-14% target and more in-line with peers. Prudential's interest rate sensitivity is greater than anticipated, says Krueger, who does not expect the company's cost save actions to meaningfully contribute until 2022.
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