Neutral rating retained as Citi adjusts EPS forecasts (slightly) upon marking-to-market led by stronger bonds (lower yields) and stronger equities. The analysts cannot help but conclude this stock looks expensive given the industry’s challenged outlook.
Short term, expectations of more cost-out initiatives and potential for capital return are likely to keep the positive momentum going, which is why the rating is not pulled below Neutral, explain the analysts. Target price lifted to $3.60 from $3.30.
Sector: Insurance.
Target price is $3.60.Current Price is $3.57. Difference: $0.03 – (brackets indicate current price
is over target). If MPL meets the Citi target it will return approximately 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
