Model update: remain Overweight
We are updating our PRU model to reflect Q4 results, revenue trends and guidance from management on tax. Following this, our forecasts are more or less unchanged. We have lowered our operating EPS in FY18 by 0.2% but increased our operating FY19 EPS by 0.1%. Positive developments in the US operations, particularly relating to rising interest rates, are largely offset by a slightly more subdued outlook in the international operations. We forecast an effective tax rate of 22%, which is in line with our previous assumption. Our valuation and price target remain at $140 and we retain our Overweight recommendation.Prudential Financial is a holding company. Through its subsidiaries and affiliates, the company provides a range of financial products and services, including life insurance, annuities, retirement-related products and services, mutual funds and investment management. The company provides these products and services to individual and institutional customers. The company's principal operations are comprised of PGIM (its global investment management business), its United States Businesses (consisting of its United States Workplace Solutions, United States Individual Solutions, and Assurance IQ divisions), its International Businesses, the Closed Block division and its Corporate and Other operations.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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