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Prudential shares seem like a bargain: report
NEW YORK (Reuters) - Shares of the No. 2 U.S. life insurer Prudential Financial (PRU.N) seem like a bargain, the Barron's business weekly reported in its September 1 edition.
Prudential is pushing into international markets, especially Japan and South Korea, generates excess capital, and its conservative standards limit its exposure to credit losses, Barron's said. As a result, Prudential shares could rally some 40 percent to about $108, according to UBS analyst Andrew Kligerman, the publication said.
Chief Executive John Strangfeld, who took over eight months ago, told Barron's the company is open to making deals to complement its organic growth, and has a strategic focus on life insurance and retirement services. Strangfeld said the investment environment is the most favorable in a long time.
Key for the company is its leading position in private placement investing, where Prudential's lending position has gotten stronger and more lucrative, Barron's said.
Prudential shares closed Friday at $73.71 on the New York Stock Exchange.
(Reporting by Nick Zieminski; editing by Gunna Dickson)
