Keefe sees negative reaction for Prudential shares on Nikkei report

Keefe Bruyette analyst Ryan Krueger keeps a Market Perform rating on Prudential (PRU) with a $104 price target after Nikkei reported this morning that former employees of the company’s Gibraltar business are suspected of committing dozens of cases of financial fraud. The article states Prudential is considering an additional six-month sales suspension at Prudential of Japan beyond the initial 90-day suspension that ends May 9, the analyst tells investors in a research note. Keefe says that while the market is already concerned about, it expects the stock to react negatively today. The stock in premarket trading is down 2% to $100.19.