Raymond James Strong Buy on Prudential Financial

In a note dated June 5th, Raymond James analyst Steven Schwartz reiterated the firm's Strong Buy position on Prudential Financial, Inc.

and raised the price target form $108 to $112. Schwartz's reiteration followed Prudential's Investor Day in New York City and the passing of legislation in the Senate to clarify the "Collins Amendment" which will allow the Fed to differentiate insurers and banks under Dodd-Frank. Highlights from the Investor Day conference include management expectation for ROE of 13-14 percent throughout the cycle. Looking to growth opportunities, Schwartz pointed to three areas: pension risk transfer, asset management, and international. Additionally, he says the company will begin to grow its sales force in the near-term following the Star/Edison. Schwartz has left his non-GAAP EPS unchanged at $9.40 and $10.05 for 2014 and 2015, respectively.