MetLife reinstated with an Overweight at Barclays

Barclays reinstated coverage of MetLife with an Overweight rating and $71 price target following the close of the company’s $19.2B risk transfer deal with Global Atlantic Financial Group Limited. MetLife is well positioned to benefit within the U.S. benefits business thanks to strong growth, good persistency and favorable loss experience, the analyst tells investors in a research note. The firm says higher interest rates and in-the-money interest rate caps should translate to greater institutional spread income opportunities within its Retirement & Income Solutions unit.