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Prudential Financial -3.2% as outlook disappoints

Nov. 05, 2019 12:51 PM ETPrudential Financial, Inc. (PRU) StockPRUBy: Liz Kiesche, SA News Editor5 Comments
  • Prudential Financial (NYSE:PRUdips 3.2% after Wells Fargo downgrades the stock to market perform from outperform as the insurer's outlook underwhelmed.
  • While Q3 EPS beat the consensus estimate; the better-than-expected earnings resulted from lower corporate expenses "that aren't expected to be sustainable," according to Wells Fargo note.
  • Prudential provided a Q4 baseline EPS of $2.50, "significantly lower" than Wells Fargo's estimate of $2.83 and its $1B stock buyback isn't enough to offset the lower EPS base, the note said.
  • Reduces price target to $92 from $105.
  • Quant rating Neutral; before this action Sell-Side average rating was Bullish (3 Very Bullish, 6 Bullish, 11 Neutral).
  • Previously: Prudential Financial Q3 adjusted operating income slips (Nov. 4)

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