UPDATE: Deutsche Bank Downgrades Prudential Financial to Hold, Reiterates $96 PT on Valuation

In a report published Friday, Deutsche Bank analyst Yaron Kinar downgraded the rating on

from Buy to Hold, but reiterated the $96.00 price target. In the report, Deutsche Bank noted, “The downgrade is a valuation call. PRU currently trades at 1.5x P/B ex AOCI (adj, for f/x), a merited premium to the group. While we continue to see upside (our TP is $96) it is no longer enough to continue to recommend the name. Although PRU would benefit from further S&P appreciation and rising rates, its rate sensitivity is lower than LNC's or MET's.” Prudential Financial closed on Thursday at $89.05.