Prudential price target lowered to $111 from $120 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Prudential (PRU) to $111 from $120 and keeps an Equal Weight rating on the shares. The firm is updating its price targets for Insurance – Life/Annuity North America stocks under its coverage, the analyst tells investors. While Morgan Stanley is not concerned about life insurers’ exposure to private credit, the broader industry will likely feel pressure on their valuation.