Morgan Stanley Reduces Prudential Financial (PRU) Price Target after Updating Insurance Estimates

Prudential Financial, Inc. (NYSE:PRU) is included among the 15 Best High Dividend Stocks to Invest in Under $100.

On March 3, Morgan Stanley lowered its price recommendation on Prudential Financial, Inc. (NYSE:PRU) to $111 from $120. It reiterated an Equal Weight rating on the shares. The analyst said the firm updated its price targets for North American life and annuity insurers under its coverage. Morgan Stanley added that it is not concerned about life insurers’ exposure to private credit. Still, the broader industry could face pressure on valuations.

Earlier, on February 25, Wells Fargo downgraded Prudential to Underweight from Equal Weight. The firm also reduced its price target to $103 from $115. The analyst said that while the shares appear “cheap,” they lack clear positive catalysts. According to the research note, concerns around Prudential’s international business, possible competition in retail annuities, and a more “lackluster” pension sales backdrop outweigh the company’s strengths.

Prudential Financial, Inc. (NYSE:PRU) operates as a financial services provider and global investment manager. The company offers a range of financial products and services. These include life insurance, annuities, retirement-related products and services, mutual funds, and investment management.

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