Corebridge price target lowered to $40 from $42 at Piper Sandler

Piper Sandler lowered the firm’s price target on Corebridge (CRBG) to $40 from $42 and keeps an Overweight rating on the shares. While spread areas likely see tailwinds from variable investment income continuing to normalize, this is rather known, the firm says. Fee has tailwinds from more fee and trading days along with equity tailwinds – also a known, while still facing secular flow headwinds. Piper continues to favor underwriters. Favorable tailwinds from claims experience are good indication not just actuarial review season will be good but also future earnings emergence. Distribution remains strong for both, it adds.