Prudential price target raised to $117 from $116 at Wells Fargo

Wells Fargo analyst Elyse Greenspan raised the firm’s price target on Prudential (PRU) to $117 from $116 and keeps an Equal Weight rating on the shares. The firm says Q3 results were decent, and messaging around its business momentum/mix shift remains the same, with continuation of move into more capital light products and continued momentum/demand in fixed and RILA products. Prismic commentary was positive, and it seems like a back book deal in Japan is imminent, while management noted that it has a strong pipeline of both third party and flow deals, Wells adds.