UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on MetLife on Further Upside in Life Insurance Group
In a report published Friday, Deutsche Bank analyst Yaron Kinar reiterated a Buy rating on MetLife (NYSE: MET), and raised the price target from $57.00 to $59.00.
In the report, Deutsche Bank noted, “Despite a 55% YTD return, we believe there is more upside in the life insurance group, particularly among interest sensitive names. Current valuations imply a ~3% 10Y 12 months ahead, whereas the introduction of tapering by March ’14 would likely mean that yields move into 3.5% territory or above, and expectations of further increases would rise. By DB estimates, if the Fed undergoes a normal hiking cycle, 10Y yields should currently be 3.65%. MET offers the most upside to our TP.”
MetLife closed on Thursday at $51.39.
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