Citi Raises Price Target On Prudential Financial Inc (PRU)

Citi Investment Research is raising its price target on shares of Prudential Financial Inc PRU to $65 from $62, and is keeping its Hold rating on shares. In a note sent to clients, Citi writes, "We reiterate our 2M (Hold, Medium Risk) rating on the shares of Prudential Financial but have raised our target price to $65. The move is supported by an improved earnings outlook in the wake of continued equity market strength augmented by favorable exchange movements for the ¥/$ that will benefit the pending $4.2B purchase of Star Edison from AIG. We have raised our 2010E-13E to $6.00, $6.40, $7.40 and $8.40 respectively. Our 2011E is at the end of management guidance of $5.60-$6.00." Shares of PRU gained 72 cents on Friday to close at $61.70, a gain of 1.2%.