Citigroup Upgrades MetLife to 'Outperform'

Analyst Colin Devine says second-quarter results are good, in light of significant operating challenges for the financial services firm

Citigroup upgraded MetLife (MET ) to outperform from underperform.

Analyst Colin Devine says overall, the second-quarter results are good -- in light of significant operating challenges. He notes the 72 cents adjusted earnings per share (excluding 17 cents in one-time gains) was 9 cents ahead of his estimate, and 2 cents ahead of First Call's survey of analysts' estimates.

Devine says the second quarter was highlighted by better-than-expected returns from the Institutional unit, and substantially lower investment losses. Devine raised the target to $33.

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