Bank of America Maintains Buy, Lowers Estimates on MetLife

Bank of America reiterates Buy and $58 PT on MetLife Inc. (NYSE: MET) as it lowers its estimates materially due to accounting changes.

According to BofA, “We are lowering our operating EPS estimates from $5.00 to $4.90 for 2011, from $5.70 to $5.00 for 2012 and from $6.40 to $5.50 for 2013. The bulk of the reductions in 2012 and 2013 reflect our estimate of the impact from an accounting change related to the deferral of policy acquisition costs. Without the accounting change, our estimates would be $5.55 for 2012 and $6.10 for 2013.”

MET closed Friday's session at $33.07 per share.