Wells Fargo raised the firm’s price target on MetLife (MET) to $94 from $91 and keeps an Overweight rating on the shares. The firm notes the company announced at $10B VA reinsurance deal with Talcott concurrent with earnings last night which should generate $250M in stat capital. In terms of the quarter, group benefits results were healthy overall, while higher growth in RIS offset a decline in reported/core spreads. Core spreads are expected to stabilize here, but the higher growth should offset the lower base spreads, Wells adds.
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