Piper Sandler Starts Corebridge Financial (CRBG) at Overweight

Piper Sandler analyst John Barnidge initiates coverage on Corebridge Financial (NYSE: CRBG) with a Overweight rating and a price target of $25.00.

The analyst commented, "We are initiating coverage on Corebridge Financial with an Overweight rating & $25 price target (~7x ‘23E). We like CRBG because: 1) CRBG is an established & at-scale leader in 3 of its 4 businesses with the institutional markets business being one with growth characteristics & the BX relationship serving to position CRBG as a leader in this growing marketplace; 2) the company lacks legacy liabilities; 3) the earnings profile is levered more to rising interest rates than exposed to impact from equity market volatility; 4) there is good line of sight towards an improving ROE profile along with increasing free cash flow conversion metrics & 5) the valuation is attractive while leaving upside to a full-distributed re-rating of shares in our opinion."

For an analyst ratings summary and ratings history on Corebridge Financial click here. For more ratings news on Corebridge Financial click here.

Shares of Corebridge Financial closed at $19.94 yesterday.

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