Sterne Agee Reiterates Buy Rating, $77 PT for Prudential Financial

In a flash note published earlier today, Sterne Agee Group, Inc. reiterated its Buy rating and $77.00 price target for Prudential Financial, Inc.

. Sterne Agee went on to say “PRU announced that its Board has authorized a new $1b buyback from July 1, 2012 through June 30, 2013. We view the announcement as very much in line with our expectations and guidance that PRU plans to deploy $3b+ of capital into buybacks, dividend and outsized organic growth from its recent Investor Day.” Prudential Financial, Inc. closed yesterday at $47.61.