UPDATE: Citigroup Initiates Prudential Financial at Buy on Risk/Reward Post Pullback
Citigroup initiated coverage on Prudential Financial, Inc. (NYSE: PRU) with a Buy rating and a $63.00 price target.
Citigroup said, "Given the pullback in the stock post 3Q12 earnings, we believe PRU offers the best risk-reward among large cap multi-line life insurers. In our view, the company's improving ROE, above-average near-term earnings growth, and superior business mix merit a valuation above the life group average. We expect modest P/BV expansion over the next few quarters as returns expand, enabling PRU to outperform the group."
Prudential Financial closed at $55.66 on Wednesday.
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