Piper Sandler lowered the firm’s price target on Prudential (PRU) to $110 from $122 and keeps a Neutral rating on the shares after the company pre-announced several Q1 2025 financial metrics. The AUM, expense and VII and incentive fee pre-announcements are an incremental negative, the firm says. The normalization expected for fee and spread-writers is getting pushed out, argues Piper.
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