UBS upgraded Corebridge (CRBG) to Neutral from Sell with a price target of $37, up from $28. UBS sees shares as fairly valued following the variable annuity reinsurance deal with Venerable, telling investors that by reinsuring its entire $51B individual VA business, Corebridge monetizes its most complex, low-multiple business for $2.1B of distributable proceeds, and simultaneously validates and eliminates the fundamental downside risk the firm had flagged. The deal materially improves the firm’s view of Corebridge’s value creation strategy and willingness to adapt, UBS says.
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Read More on CRBG:
- Corebridge upgraded to Neutral from Sell at UBS
- Corebridge Financial Approves Key Governance Amendments
- Corebridge price target raised to $40 from $38 at Piper Sandler
- Corebridge price target raised to $42 from $37 at Wells Fargo
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