UPDATE: Citigroup Initiates Prudential Financial at Buy on Risk/Reward Post Pullback

Citigroup initiated coverage on Prudential Financial, Inc.

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.