UPDATE: Morgan Stanley Reiterates Overweight Rating, Removes PT on MetLife Following Annual Investor Day

In a report published Wednesday, Morgan Stanley analyst Nigel Dally reiterated an Overweight rating on MetLife MET, but removed the $57.00 price target. In the report, Morgan Stanley noted, “We are reiterating our Overweight rating on MetLife following its annual investor day. While the announcement of a $1 billion buyback plan was the key positive surprise, other aspects of the investor day pointed toward solid execution of its strategy to improve its ROE to the 12-14% range by 2016. In our view, the fundamental prospects are stronger than what is reflected in the current valuation, leading us to reiterate our Overweight rating on the stock.” MetLife closed on Tuesday at $55.05.