FBR raised its price target to $86 from $80 and maintains an Outperform rating on Prudential Financial Inc (NYSE: PRU), saying its meetings with management support its view of the company as "a well-managed company that offers good risk/reward at current valuation."

"We are increasingly viewing life insurer valuations in the context of last-three-year and five-year P/E ranges, as the 'low for long' interest rate environment is now old enough to give a good statistical sample," analyst Randy Binner wrote in a note.

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"Given broadly favorable updates around Japan sales, balance sheet items, and the nonbank SIFI designation challenge, we think the stock can track to its median three-year forward P/E (now on 2017) of 8.4x, implying an $86 price target," Binner said.

At time of writing, shares of Prudential were up 0.97 percent to $76.13. The stock has dropped 7 percent this year.