Piper Sandler Upgrades MET as Options Skew Rises

Why this matters: Three distinct signals converged on MET today. Piper Sandler upgraded the stock to Overweight. The put/call ratio pushed to a six-week high. And cost to borrow jumped 63% in a week — a rare combination for a large-cap insurer.

Analyst Upgrade Leads the Signal

This morning, Piper Sandler analyst Paul Newsome upgraded MET from Neutral to Overweight. His price target moved to $110, up from $99. Shares closed at $96.64 on Monday.

That target implies roughly 14% upside from current levels.

The upgrade isn't isolated. Five analysts now rate MET Overweight or Outperform. The consensus sits at "buy." The average price target is $105.75.

Morgan Stanley raised its target to $111 in late August. Wells Fargo moved to $109 in mid-August. JP Morgan, KBW, and Barclays have all lifted targets in the past six weeks. The direction is unanimous.

Options Market Pushes Protective Bets

The put/call ratio for MET hit 1.46 on September 21. That's the highest reading since at least late August. The 20-day average sits at 1.43.

The current PCR z-score is 1.64. That's elevated relative to recent norms — but still well below the 52-week high of 1.81.

The pattern suggests options participants are adding protective puts even as the analyst community grows more bullish. That divergence is worth watching ahead of the next earnings event, scheduled for November 4.

Borrow Costs Climb Sharply

Cost to borrow jumped 63% over the past week to 0.45%. The one-month increase is 16%.

In absolute terms, the rate remains low. But the pace of the move is notable.

Borrow availability is extremely loose — over 440 million shares remain available in the lending pool. Short interest stands at 1.85% of free float. Neither figure flags an imminent squeeze.

The CTB spike is more likely a pricing adjustment than a structural tightening. Still, it adds texture to a stock where other signals are already aligning.

Data Summary

• Upgrade: Piper Sandler, Neutral → Overweight; target $99 → $110 (Sept 22)
• Analyst consensus: Buy; mean target $105.75; 5 Overweight/Outperform ratings
• Price: $96.64 (Sept 21); down 1.1% past week, up 2.4% past month
• PCR: 1.46, z-score 1.64; 52-week high 1.81
• Cost to borrow: 0.45%, up 63% week-on-week
• SI % FF: 1.85%; borrow availability extremely loose (440M+ shares)
• Next earnings: November 4, 2026