Brighthouse Financial price target raised to $60 from $52 at Piper Sandler

Piper Sandler raised the firm’s price target on Brighthouse Financial (BHF) to $60 from $52 and keeps a Neutral rating on the shares. The firm notes shares of Brighthouse have meaningfully appreciated in recent weeks with press reports saying the company was up for sale in part or whole. This follows the company having completed 3rd party reinsurance transaction for a legacy block of universal life and variable universal life products, contributing $100M from Brighthouse Life Insurance Company that lifted capital ratios by 10 bps and hedging all new business on a standalone basis on the back of capital ratios falling below the 400%-450% targeted levels earlier in 2024.