UBS analyst Michael Ward assumed coverage of Prudential (PRU) with a Neutral rating and price target of $122, down from $130. The firm is “cautiously positive” on the life insurance sector, citing “key positives” such as higher-for-longer interest rate environment, which it believes is favorable fundamentally and sentiment-wise, and balance sheet strength. Recent accounting changes have improved investor comfort around macro-related balance sheet assumptions in prior cycles, the analyst tells investors in a research note.
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