Wells Fargo analyst Elyse Greenspan maintained a Buy rating on Metlife (NYSE: MET) today and set a price target of $60. The company’s shares closed yesterday at $47.19.
Greenspan noted:
“We attended in Tokyo. The company provided context around its Asian business, which represents 25% of its earnings ($1.2 billion in 2017) but is expected to grow in the double-digits. Of its Asian business about 75% of its earnings comes from Japan. MET spoke optimistically about: (1) the growth prospects of the region due to its low insurance penetration, GDP growth of 4.8% in the countries MET operates in, and an aging population, and (2) its commitment to sustainable growth in cash from its Asian business (60% of its GAAP earnings are being taken out as dividends). The meeting also gave us a chance to hear from Kishore Ponnavolu, who took over as head of MET’s Asian business at the start of September. We are not changing our EPS estimates or price target at this time and do not expect a material movement in the shares following the meeting.”
According to TipRanks.com, Greenspan is a 4-star analyst with an average return of 6.3% and a 67.4% success rate. Greenspan covers the Financial sector, focusing on stocks such as Marsh & Mclennan Companies, Renaissancere Holdings Ltd, and United Insurance Holdings.
Currently, the analyst consensus on Metlife is a Moderate Buy with an average price target of $55.
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The company has a one-year high of $55.91 and a one-year low of $43.09. Currently, Metlife has an average volume of 4.98M.
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MetLife, Inc. provides insurance and financial services to individual and institutional customers. It offers life insurance, annuities, automobile and homeowner’s insurance and retail banking services to individuals as well as group insurance, reinsurance and retirement and savings products and services.
