Morgan Stanley has revised its price target for Corebridge Financial (CRBG, Financial), reducing it from $43 to $32, while maintaining an Overweight rating for the company. This adjustment comes amid a broader reassessment of expected earnings for companies within the life insurance sector.
Across its coverage of life insurance firms, Morgan Stanley has lowered its first quarter earnings per share (EPS) forecasts by an average of 3% compared to previous projections. Furthermore, its estimates for 2025 EPS have been reduced by 4%. The adjustments reflect a varied outlook for different companies within the sector.
The firm pointed out that underwriting-focused companies, which usually exhibit less sensitivity to equity market dynamics, have also seen their estimates cut. This is due to a progressively challenging operating environment that these companies are expected to face.
