Citi Raises PT on Prudential Financial to $70 (PRU)

Citi is out with its report today on Prudential Financial PRU, raising its price target from $65 to $70. In a note to clients, Citi writes, "Our revised target captures the rally in the peer group as well the $4.2B purchase of Starr/Edison that closed 3 months earlier than expected. For longterm investors we view PRU as a core holding within the U.S. and global life insurance sectors given a well balanced business mix within the U.S. and Japan. But, on a relative basis we see only moderate upside for its valuation over the next 12 months." Citi maintains Hold on PRU. At the time of posting, shares of PRU were trading at $66.49, down 0.79% from Friday's close.