Prudential downgraded to Underweight from Equal Weight at Wells Fargo

Wells Fargo downgraded Prudential (PRU) to Underweight from Equal Weight with a price target of $103, down from $115. The firm says that while the shares are “cheap,” they lack positive catalysts. The overhang on Prudential’s international business, potential competition in retail annuities, and a more “lackluster” pension sales backdrop outweigh the company’s positives, the analyst tells investors in a research note.