Berenberg: Prudential plc 'On Target' Amid Regulatory Headwinds in Mainland China; Buy Maintained

07:22 AM EDT, 09/24/2026 (MT Newswires) -- Berenberg maintained its buy rating on Prudential plc (PRU.L), noting that the British insurer remains "on target" despite regulatory headwinds in mainland China, including a reported 20% tax on offshore policies in the country. "We met with Prudential's management at a group sell-side breakfast on 21 September, with our key takeaway being the confidence of the company in achieving its 10%-plus 2026 growth guidance across all four key metrics (new business profit, operating profit after per share, gross operating free surplus generation and DPS), despite what we hope is a short-term headwind from China mainland sales regulation," according to a Thursday note. The research firm said the the company's confidence is supported by steady demand in Hong Kong, continued focus on margin improvement, and "significant" opportunities within the core agency channel. Accordingly, Berenberg maintained its net income estimates for 2026 to 2028, while EPS and dividend per share forecasts across the three-year period were trimmed by 1.1% each. The stock's price target of 14.45 pounds sterling is unchanged. Amid its "strong" growth profile and unchanged guidance, analysts view Prudential plc's valuation as "attractive."