- Prudential Financial (NYSE:PRU) dips 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)
Prudential Financial -3.2% as outlook disappoints
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Symbol | Last Price | % Chg |
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PRU | - | - |
Prudential Financial, Inc. |