Equitable Holdings price target raised to $68 from $66 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Equitable Holdings (EQH) to $68 from $66 and keeps an Overweight rating on the shares. As Equitable pivots to a more balanced mix between annuities and asset and wealth management, the firm sees a path for Equitable to become less reliant on annuities, which are capital intensive, and more driven by capital light investment management and wealth management, which it says should result in better earnings power and a higher valuation.