Zacks Investment Research upgraded shares of Prudential Financial Inc. (PRU) from NEUTRAL to OUTPERFORM on October 11, 2013, with a target price of $95.00.
We are upgrading our recommendation of Prudential Financial Inc. to Outperform from Neutral reflecting optimism in the company's growth prospects. We expect the company's results will benefit from a shift towards higher return businesses, organic growth, capital deployment, and accretion from recent transactions – Hartford's life block, GM pension block and Star/Edison. Prudential generates a substantial portion of its earnings from international markets primarily Japan, where the company should continue earning high returns given its strong and favorable competitive position. The company's investment portfolio is also performing better. Investment related losses have narrowed and commercial mortgage backed securities have also yielded net unrealized gain. A strong balance sheet and investment grade ratings from rating agencies are other positives.
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