Corebridge downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst Bob Huang downgraded Corebridge (CRBG) to Equal Weight from Overweight with a price target of $33, down from $39. The firm sees an “incrementally less attractive” setup for the shares, saying Corebridge faces headwinds from further potential Federal Reserve rate cuts on its base spread income. The stock also has fewer catalysts post its variable annuities reinsurance transaction close, the analyst tells investors in a research note.