MetLife price target raised to $80 from $77 at Argus

Argus raised the firm’s price target on MetLife to $80 from $77 and keeps a Buy rating on the shares. The company’s Q1 results were up year over year due to higher net investment income and volume growth in Asia, the analyst tells investors in a research note. Argus further notes that the firm has a positive view of MetLife’s business diversification, expansion through both M&A and organic growth, and its commitment to shareholder returns. The stock trades at 9-times its 2024 EPS estimate, primarily due to an expected lower share count, but based on Metlife’s position as an industry leader, it warrants a “higher multiple”, the analyst added.