Evercore ISI raised its price target on MetLife Inc. to $106 from $103 while maintaining an In Line rating, citing an improved earnings outlook for the insurer.
The firm increased its earnings per share estimates for MetLife by approximately 2% to 3% for the second half of 2026 and for 2027, lifting its 2027 EPS projection to $11.09 from $10.80. Evercore ISI also raised its segment forecasts most significantly for Latin America and EMEA by nearly 10% each, with more modest increases of 2% to 3% for group benefits and retirement and income solutions.
MetLife reported adjusted earnings per share of $2.43 for the second quarter of 2026, exceeding Wall Street's estimate of $2.36 by 3% and rising 20% year-over-year. Revenue totaled $19.15 billion, falling short of the $19.68 billion consensus.
The analyst noted that variable investment income is expected to align with plan returns for the second half of 2026. Evercore ISI also addressed concerns around capital generation and commercial real estate losses, stating these have not impacted MetLife's capital return plans for 2026 and are not anticipated to pose issues in 2027. The firm highlighted potential sources of capital flexibility, including Chariot Re and international subsidiaries, to offset domestic limitations.
MetLife's shares were trading at $95.56 at the time of the report, near the upper end of its 52-week range of $67.33 to $100.93. InvestingPro data showed five analysts had revised their earnings estimates upward for the upcoming period.
