Piper Sandler raised the firm’s price target on Prudential to $114 from $105 and keeps a Neutral rating on the shares. The firm believes the CFO transition signals the large expense reductions are behind with focus shifting towards growth and further optimizing the liability profile where it can. Piper thinks the large Shell pension risk transfer transaction announced just before the call illustrates that growth opportunity set. The firm would not be surprised to see some variable investment income volatility remain near-term on the path towards normalizing.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on PRU: