Bank of America Securities analyst Joshua Shanker reiterated a Buy rating on Metlife (MET – Research Report) yesterday and set a price target of $108.00.
Maximize Your Portfolio with Data Driven Insights:
- Leverage the power of TipRanks' Smart Score, a data-driven tool to help you uncover top performing stocks and make informed investment decisions.
- Monitor your stock picks and compare them to top Wall Street Analysts' recommendations with Your Smart Portfolio
Joshua Shanker’s rating is based on a combination of factors that indicate a positive outlook for MetLife’s stock. Despite a slight miss in the company’s fourth-quarter earnings due to underperformance in Group Benefits and Retirement and Income Solutions, there is confidence in the company’s ability to accelerate share repurchases in the coming quarter. This strategic move is expected to bolster stock value.
Furthermore, the company’s investment income exceeded expectations, driven by strong returns from private equity, suggesting improved financial performance ahead. Shanker’s price objective for MetLife remains at $108, reflecting a healthy upside potential from the current price, and this expected growth is supported by MetLife’s focus on transitioning away from capital-intensive businesses to higher-growth opportunities. These elements collectively justify the Buy rating provided by Shanker.
Shanker covers the Financial sector, focusing on stocks such as Progressive, AFLAC, and Allstate. According to TipRanks, Shanker has an average return of 9.0% and a 60.22% success rate on recommended stocks.
In another report released on February 3, TD Cowen also maintained a Buy rating on the stock with a $102.00 price target.