Corebridge Financial (CRBG) PT Raised to $44 at BMO Capital

BMO Capital analyst Jack Matten raised the price target on Corebridge Financial (NYSE: CRBG) to $44.00 (from $43.00) while maintaining an Outperform rating.

The analyst commented: "Building (Core)Bridges to a Higher Multiple; VA Sale Supports Better Risk Profile; CRBG's announced variable annuity (VA) risk transfer bolsters FCF stability, which we had already viewed as underappreciated. Estimated net transaction multiple of ~7x implies EPS accretion by 2027 once proceeds are fully deployed into share buybacks, and supports upward stock re-rating given VA-centric peers trade at <5x forward P/E multiples. We increase our target price to $44 and introduce 2027 EPS estimates currently +5% above consensus (note, the consensus estimate will likely increase in the coming days). We estimate CRBG currently throws off an attractive ~9% FCF yield with relatively limited volatility."

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