(CercleFinance.com) – Jefferies reiterates its ‘buy’ recommendation on Prudential with a price target of 1,650 pence, representing a potential increase of more than 50% for the title of the British financial services group.
Given that he believes ‘the market is focused on risk rather than return’, the broker changes its forecast for Prudential, specifying ‘to take the most prudent reasonable position’.
‘However, despite our EPS reduction of -6% (at consensus low), Prudential now trades at just 1.8x our 2024 TNAV, even though it earns a ROTE of 17.9% and is supported by long-term growth of more than 13%,’ he adds.
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