Shore Capital remains bullish on Prudential (LON:PRU), arguing that the group’s opportunities remained ‘immense,’ Citywire reports. The comments follow a recent investor conference by the insurance giant.
Prudential’s share price rose yesterday, adding 0.46 percent to close at 1,836.50p, outperforming the broader UK market, with the benchmark FTSE 100 index ending the session marginally lower. The Pru’s shares have added more than 16 percent to their value over the past year, with about an 8.8-percent rise in the Footsie.
ShoreCap remains bullish on the Pru
Shore Capital reiterated its ‘buy’ rating on the Pru yesterday, following a recent conference at the insurance giant.
“The recent investor conference hosted by Prudential highlighted the scale of the opportunities open to the group across the globe and the extent to which it is grabbing these and/or positioning itself to avail of them,” the broker’s analyst Eamonn Flanagan commented, as quoted by Citywire, highlighting the roll-out of the company’s business in Africa, its push across China in its successful Asia business and strong positioning in the US through its Jackson National business.
In the UK, where the Pru is merging its life assurance division with its M&G fund management arm, the analyst sees the ‘scope to deliver value’ as ‘significant’.
“All this is supported by a formidable group balance sheet and a ruthless focus on capital velocity, return on equity and cash generation,” the analysts continued. “For us, the potential and opportunities are Pru’s to lose.”
The comments also come after the FTSE 100 group recently revealed a rise in its nine-month profit, having benefitted from strong performance in Asia.
Other analysts on Prudential
Bank of America, which sees the Pru as a ‘buy,’ set a price target of 2,300p on the shares yesterday According to MarketBeat, the company currently has a consensus ‘buy’ rating and a valuation of 1,974.11p.