Brighthouse downgraded to Underperform from Market Perform at Keefe Bruyette

Keefe Bruyette downgraded Brighthouse Financial to Underperform from Market Perform with a price target of $50, down from $54. The firm views the company’s five-year free cash flow outlook as “uninspiring.” Brighthouse expects free cash flow to meaningfully improve in years 6-10, but that’s a long way out for a stock with no dividend and no risk transfer expectation, the analyst tells investors in a research note.