BUZZ-Evercore ISI downgrades MetLife, cites rich valuation

Reuters01-07
BUZZ-<a href="https://laohu8.com/S/EVR">Evercore</a> ISI downgrades MetLife, cites rich valuation

** Evercore ISI downgrades insurance company MetLife MET.N to "in line" from "outperform", citing earnings estimate drifting down and valuation no longer cheap versus mid-cap peers

** Low public bond reinvestment spreads and higher risk commercial mortgage loans portfolio versus peers limit earnings upside and leave the valuation multiple exposed if credit or commercial real estate conditions deteriorate, brokerage says

** Risk transfer deals could be a catalyst, but MET is likely to wait for better pricing on long-term care risks, which currently deliver positive margins and cash flow - brokerage

** Evercore also cuts PT to $97 from $108, still implying an 18.6% upside to stock's last close

** 13 of 17 analysts rate stock "strong buy" or "buy" and 4 "hold"; their median PT is $94.50 - data compiled by LSEG

** Including session's move, MET down 1.13% in the last 12 months

(Reporting by Pragyan Kalita in Bengaluru)

((Pragyan.Kalita@thomsonreuters.com))

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