Analyst Joshua Shanker from Bank of America Securities reiterated a Buy rating on Corebridge Financial, Inc. (CRBG – Research Report) and decreased the price target to $35.00 from $39.00.
Joshua Shanker has given his Buy rating due to a combination of factors that highlight Corebridge Financial, Inc.’s potential for growth despite some challenges. The company’s first-quarter results for 2025 showed a slight miss from Shanker’s forecast but exceeded the broader market consensus, demonstrating resilience in certain segments like Group Retirement and Life insurance. Although there were weaker flows in Individual Retirement due to decreased fixed annuity deposits, the company saw an increase in sales of RILA and variable annuities, indicating areas of strength.
Furthermore, Corebridge’s aggressive share repurchase strategy, which exceeded expectations, resulted in a higher total payout ratio, showcasing the company’s commitment to returning value to shareholders. Despite a reduction in the earnings forecast for 2025 due to lower variable investment income and increased corporate expenses, Shanker raised the price objective to $35, driven by peer group multiple expansion. This price target suggests significant upside potential, forming the basis of the Buy rating.
In another report released today, Barclays also maintained a Buy rating on the stock with a $38.00 price target.
CRBG’s price has also changed slightly for the past six months – from $30.000 to $30.560, which is a 1.87% increase.