Corebridge downgraded to Sell from Buy at UBS

UBS downgraded Corebridge (CRBG) to Sell from Buy with a price target of $28, down from $40, after assuming coverage of the name. The firm’s analysis suggests 4% downside risk to IR assets under management through year-end 2026 and believes consensus is overlooking the combination of fixed/index annuity surrender pressure, as well as VA outflows, the analyst tells investors in a research note. The fundamental picture creates a negatively-skewed outlook, UBS argues.