UPDATE: Citigroup Initiates MetLife at Neutral on Return and Capitalization Headwinds

Citigroup initiated coverage on MetLife, Inc.

with a Neutral rating and a $37.00 price target. Citigroup commented, "MET has a strong global insurance franchise, excess capital, and is trading at a discount to the life group. However, given recent lackluster business performance and regulatory uncertainty, we expect the stock to remain “cheap” until returns and capital generation begin to improve." MetLife closed at $36.05 on Wednesday.