UPDATE: Sterne Agee Reiterates Prudential Financial at Buy with $78 PT Post Hartford Purchase
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
|Feb 2017||Atlantic Equities||Downgrades||Overweight||Neutral|
|Jan 2017||Citigroup||Initiates Coverage On||Neutral|
|Dec 2016||Morgan Stanley||Downgrades||Overweight||Equal-Weight|
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