Metlife (MET – Research Report), the Financial sector company, was revisited by a Wall Street analyst today. Analyst Joshua Shanker from Bank of America Securities reiterated a Buy rating on the stock and has a $94.00 price target.
Joshua Shanker has given his Buy rating due to a combination of factors including MetLife’s favorable performance in certain segments and strategic financial transactions. The company’s Group Benefits segment showed strong results, with adjusted earnings surpassing expectations due to better-than-anticipated claims experience. This was partially offset by underperformance in other areas such as Retirement and Income Solutions and Asia, but overall, the positive aspects were significant enough to support a Buy rating.
Additionally, MetLife’s strategic move to reinsure $10 billion of US retail variable annuity and rider reserves is seen as a positive step towards de-risking and optimizing their capital structure. This transaction is expected to provide financial benefits and is likely to be viewed favorably by investors. Furthermore, the updated price objective of $94 reflects an optimistic outlook based on improved earnings projections and a strategic shift towards higher-growth opportunities, reinforcing the Buy recommendation.
In another report released today, Barclays also maintained a Buy rating on the stock with a $88.00 price target.