MetLife price target raised to $88 from $84 at Evercore ISI

Evercore ISI raised the firm’s price target on MetLife (MET) to $88 from $84 and keeps an Outperform rating on the shares. The firm thinks many investors have viewed MetLife as “an unexciting stock for most of 2024,” citing worries that included spread compression in RIS, continued below plan alt returns, an overweight office CML portfolio, and increased competition in its core group benefits business. However, assessing how these issues will likely unfold for the next 6-12 months and comparing MetLife to large cap peers Aflac (AFL) and Prudential (PRU), Evercore thinks “a good case can be made for why MET is the most likely to see a relative valuation uplift,” the analyst tells investors.