Piper Sandler lowered the firm’s price target on Prudential (PRU) to $124 from $127 and keeps a Neutral rating on the shares. The firm notes Prudential announced PGIM’s AUM of $1.38 trillion in Q4, which is below Piper’s estimate of $1.44 trillion and represents 1.4% quarter-over-quarter decline, an incremental negative. Favorably though, variable investment income went from 11c below plan in Q3 to 4c above plan in Q4 at mid-point, Piper adds.
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