Raymond James double downgrades Prudential with shares reaching target

Raymond James double downgraded Prudential to Market Perform from Strong Buy without a price target. The analyst cites valuation for the downgrade with the shares near the firm’s prior price target. In addition, “several factors have muted our enthusiasm around the stock’s upside,” the analyst tells investors in a research note. The firm believes Prudential’s PGIM flows are likely to remain pressured, given the shifting interest rate environment, and it also has near-term caution following the announcement of the CFO’s departure.