Metlife MET guided 2011 to a range centered slightly below consensus, but above levels some had feared, driving some recovery in the shares on Monday.
Management's broad themes were as expected: near-term caution about macro pressures domestically, optimism about ALICO, and ambiguity about capital management. KBW believes that the headwinds and ambiguities are more than fully
discounted in the stock at 92% of book.
KBW reiterate its Outperform rating and has a $51 PT
MET closed Monday at $40.75
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