Wolfe Research Downgrades Equitable Holdings Inc (EQH) to Peerperform

Wolfe Research analyst Tracy Benguigui downgraded Equitable Holdings Inc (NYSE: EQH) from Outperform to Peerperform.

The analyst comments "EQH Downgrade to PP from OP: The shareholder vote for the EQH/CRBG deal is set for July 30th, which makes us less constructive at this stage about competing bids for EQH by an alt. asset manager type of buyer who typically pays ~30% premium for takeouts (the prior thesis supporting the OP). We are lukewarm about the merger as we hold a view of higher terminal value for EQH than the implied 7% premium from the merger with CRBG (based on full credit for '28 expense synergies). Likewise, we expect an elongated timetable for EQH/CRBG to achieve revenue synergies through the addition of $100bn of AUM managed by AB given the sluggish progress CRBG is making to meet its BX AUM mandate and the economics of cheap fees from BLK."

For an analyst ratings summary and ratings history on Equitable Holdings Inc click here. For more ratings news on Equitable Holdings Inc click here.

Shares of Equitable Holdings Inc closed at $45.71 yesterday.

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