MetLife upgraded to Buy on more constructive sector view at Jefferies

Jefferies last night upgraded MetLife to Buy from Hold with a price target of $72, up from $58. The analyst has tuned more constructive on U.S. life insurance. The macro and market environment is generally more positive for the sector today than it has been since 2012, yet price-to-earnings multiples remain low, the analyst tells investors in a research note. Expected catalysts include benefits from “higher for longer” interest rates, lack of sizable commercial real estate-related credit losses and continued stable excess capital positions, says the firm. It notes that MetLife is one of the worst performing stocks in the space despite asset class performance that has been stable.