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Goldman Adds Prudential to Recommended List

Goldman initiates coverage on Prudential Financial

(PRU) and adds to

recommended list.

Analyst Joan Zief says Prudential Financial is

committed to raising its below-trend return on equity

of 6.7% estimated for 2002, and has a targeted 12% in

three to four years. She notes that getting there

will require additional expense saves, a turnaround of

underperforming businesses, and the effective

redeployment of excess capital into higher return

endeavors. Zief says if she sees greater visibility of

8% on her estimated 2003 return on euqity, then in 12

months Prudential could be trading near 1.05 to 1.10

times her estimated 2003 book value of $35.69. She

notes this is equivalent to $38, a 22% upside.

Finally, Zief sees $1.27 2001 EPS, and $2.23 for 2002.

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