Morgan Stanley analyst Bob Huang upgraded the rating on Corebridge Financial, Inc. (CRBG – Research Report) to a Buy today, setting a price target of $43.00.
Bob Huang has given his Buy rating due to a combination of factors that highlight Corebridge Financial’s strategic adaptability and growth potential. The company’s management has effectively demonstrated its ability to shift from spread-based to fee-based earnings, particularly within its group insurance segment. This strategic pivot is crucial as it positions Corebridge to better navigate an environment that may not favor spread-based products.
Furthermore, the growth in fee-based earnings is not fully recognized by the market, with Corebridge’s projections surpassing consensus estimates. The company has shown significant growth in advisory and brokerage accounts, which is expected to continue offsetting outflows and supporting earnings per share growth. Additionally, Corebridge’s strong distribution network, facilitated by its subsidiary VALIC Financial Advisors, provides a competitive edge by allowing greater control and flexibility in service offerings compared to peers relying on independent distribution channels.
In another report released on February 18, Wells Fargo also maintained a Buy rating on the stock with a $38.00 price target.
Based on the recent corporate insider activity of 51 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CRBG in relation to earlier this year.
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