Raymond James double upgraded Equitable Holdings (EQH) to Strong Buy from Market Perform with a $58 price target The firm cites its favorable outlook for the company’s merger with Corebridge Financial for the upgrade. Raymond James likes the combined company’s distribution strength, in-house asset management, and product manufacturing capabilities. It believes the new company can produce $1B or more of synergies, well above the $500M target. Raymond James also sees little risk of sales cannibalization given the limited overlap between Equitable and Corebridge.
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