LONDON (ShareCast) - (Sharecast News) - Prudential's share price pulled back on Thursday after its first-half results received a positive reaction from the market the previous session, though analysts at Barclays still expect the stock to rise a further 50% over the long term.
Prudential's results "consistently beat relative to consensus", Barclays said in a research report, with adjusted operating profits up 6% at $1.46bn and APE sales up 42% at $3.03bn.

Barclays also said chief executive Anil Wadhwani's newly announced strategy showed "clear, achievable ambition".

Following the completion of his strategic and operational review, Wadhwani announced two key financial objectives: growing new business profit by 15-20% CAGR between 2022 and 2027; and achieving double-digit CAGR in operating free surplus generated from in-force insurance and asset management business between 2022 and 2027.

After the earnings call with management, Barclays said: "Prudential's results call focused on management's confidence in an ambitious, well-rounded and (in our view) achievable growth strategy, positive momentum in most of the group's markets post-Covid, and capital deployment focused on organic growth."

Barclays maintained its 'overweight' position on the stock and 1,575p target price.

The shares were down 2.8% at 972p on Thursday morning after rising 1.5% on Wednesday.

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