Daiwa analyst Leon Qi initiated coverage of Prudential plc (PUK) with an Outperform rating and 1,200 GBp price target, saying the stock has an "appealing valuation." The analyst gives three reasons for the initiation at Outperform: First, Prudential is more leveraged to frontier markets in Asia, such as Indonesia, India, the Phillipines, and Vietnam, than its nearest competitor AIA Group (AAGIY), which the firm rates a Buy. Second, Prudential’s distribution channel is more balanced. Third, Prudential’s embedded value is more vulnerable compared to AIA when rates rise.
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Published first on TheFly
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Read More on PUK:
- Prudential plc price target raised to 1,500 GBp from 1,450 GBp at JPMorgan
- Prudential price target lowered to 1,220 GBp from 1,350 GBp at Societe Generale
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