Prudential downgraded to Underweight from Equal Weight at Morgan Stanley

Morgan Stanley downgraded Prudential (PRU) to Underweight from Equal Weight with a price target of $92, down from $106. Prudential is in a relatively worse position than peers given the multiple headwinds around Japan following the incremental sales suspension, macro, and earnings power, the analyst tells investors. Historically, large-scale sales fraud in Japan, when substantiated, has had a prolonged impact on sales, surrenders, and annualized net premiums, the analyst added.