Morgan Stanley analyst Bob Huang has reiterated their bullish stance on MET stock, giving a Buy rating today.
Bob Huang has given his Buy rating due to a combination of factors that show MetLife’s strategic focus and financial resilience. Despite facing challenges within the International segment and anticipated reductions in variable investment income, MetLife has outperformed in its core earnings, especially in the U.S. market. This performance highlights the company’s ability to maintain solid underwriting results and generate positive cash flow from its higher-growth core competencies. Huang acknowledges the downward adjustment in variable investment income guidance for 2024 but still sees the stock as undervalued compared to its peers, reinforcing the rationale for the Overweight rating.
The analyst has also factored in the company’s adjusted earnings, noting that the core EPS came in above consensus after accounting for notable items. While operating EPS did not meet expectations, the core EPS indicates underlying strength in the business. Moreover, Huang’s analysis includes a revised 2024 EPS estimate reflecting the updated guidance, yet he maintains a strong outlook on the company’s future performance. Despite a slight reduction in the price target, Huang’s reiteration of the Overweight rating suggests confidence in MetLife’s overall strategy and market position, underpinning the Buy recommendation.
Huang covers the Financial sector, focusing on stocks such as Progressive, Lemonade, and Chubb. According to TipRanks, Huang has an average return of 1.4% and a 54.17% success rate on recommended stocks.
In another report released today, KBW also maintained a Buy rating on the stock with a $78.00 price target.
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Metlife (MET) Company Description:
Headquartered in New York, MetLife, Inc. is among the largest global providers of insurance and financial services to individual and institutional customers. It offers life insurance, annuities, employee benefits and asset management services. The company operates through the following segments: U.S., Asia, Latin America, Europe, the Middle East and Africa (EMEA), and MetLife Holdings.
