Piper Sandler raised the firm’s price target on Corebridge (CRBG) to $40 from $38 and keeps an Overweight rating on the shares. The firm is reducing its EPS estimates in the space driven by continued fee and spread headwinds. This was confirmed by a rather challenging pre-announcement of variable investment income from MetLife (MET) in late June suggesting this swing factor for a large chunk of lifecoland got sequentially worse, which also – in Piper’s opinion – pushes out the normalization factor towards 2026.
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Read More on CRBG:
- Corebridge price target raised to $42 from $37 at Wells Fargo
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- Corebridge price target raised to $40 from $37 at Morgan Stanley