Market Overview

UPDATE: Sterne Agee Reiterates Prudential Financial at Buy with $78 PT Post Hartford Purchase

Related PRU
Prudential Financial Chief Communications Officer Bob DeFillippo To Retire
Prudential Retirement creates Gibraltar Ventures

Sterne Agee maintained its Buy rating and $78 price target on Prudential Financial (NYSE: PRU) following deal to acquire Hartford (NYSE: HIG).

Sterne Agee commented, "PRU announced the much anticipated purchase of Hartford's (HIG, $19.30, Buy) individual life business, though the company provided little detail beyond the $615m ceding commission it will pay to acquire the business through a reinsurance transaction. We expect the deal to be modestly accretive to PRU's 2013E EPS (~3-4% depending on size of cost saves)."

Prudential Financial closed at $54.82 on Thursday.

Latest Ratings for PRU

DateFirmActionFromTo
Dec 2014Keefe Bruyette & WoodsMaintainsOutperform
Dec 2014Atlantic EquitiesInitiates Coverage onOverweight
Nov 2014CitigroupMaintainsBuy

View More Analyst Ratings for PRU
View the Latest Analyst Ratings

Posted-In: Sterne AgeeAnalyst Color Reiteration Intraday Update Analyst Ratings

 

Related Articles (HIG + PRU)

Around the Web, We're Loving...

Get Benzinga's Newsletters