Corebridge price target raised to $40 from $37 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Corebridge (CRBG) to $40 from $37 and keeps an Overweight rating on the shares after the company entered into an agreement with a Venerable subsidiary called CS Life Re to reinsure its Individual Retirement variable annuities business. In exchange for the book, which had an account value of $51B as of Q1-end, Corebridge is generating $2.1B of transaction value on a post-tax basis, or about 12% of its market cap, the analyst noted. Management plans to use most of the $2.1B for share repurchases and a portion for organic growth, the analyst also noted.