Broker snap: Nomura ups Prudential target on positive outlook

16th Aug 2013 11:44

Insurance giant Prudential was making gains on Friday after Nomura raised its target price for the stock from 1,392p to 1,487p and reiterated its positive stance for the company, saying it remains on track to hit targets.Nomura said that Prudential remains its top pick in the sector after it being encouraged by the company's first-half results on Monday."The group has the most attractive growth profile compared to peers, and we believe this should mean continued performance in the shares," the broker said.Nomura, which maintained its 'buy' rating, said that Prudential's strong results bode well for the full-year. With the company having already achieved four out of six of its 2013 cash and growth targets, new targets could potentially be announced at the full-year results, it said."We feel the relevance of cash targets is now less important, given the strong cash generation already being achieved, and that an Asia NBP growth target will be the focus, which should drive stock performance."The stock was up 0.5% at 1,195.9p by 11:54.BC