Jackson Financial upgraded to In Line from Underperform at Evercore ISI

Evercore ISI upgraded Jackson Financial (JXN) to In Line from Underperform with a price target of $118, up from $110. The company carries above-average tail risk due to short-term hedges supporting long-duration VA guarantees, but this is offset by an industry-low multiple, solid capital outside the VA captive, an expected manageable Q4 balance sheet charge, and potential tail-risk reduction from a living benefits risk transfer, the analyst tells investors in a research note.