JPMorgan puts Prudential on ‘positive catalyst watch’, shares rally
Sharecast
Published Jun 02, 2023 09:59
JPMorgan puts Prudential on ‘positive catalyst watch’, shares rally
Sharecast - It said the latest data on Mainland Chinese Visitors (MCV) to Hong Kong suggest further strong growth into 2Q23.
"Together with data just emerging on the split of MCV/domestic customer sales for Prudential (LON:PRU) in HK, we think Prudential is on track to beat consensus for new business sales/profits by 5%/13% in 2023E," JPM said.
JPM rates Prudential at ‘overweight’ with a 1,850p price target.
In the same note, the bank said it also remains positive on reinsurers and Beazley PLC (LON:BEZG), but would look for better timing to buy at the end of the quarter.
At 0905 BST, Prudential shares were up 3.5% at 1,129p.
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