Brighthouse downgraded to Underweight from Equal Weight at Morgan Stanley

Morgan Stanley downgraded Brighthouse Financial to Underweight from Equal Weight with an unchanged price target of $52. Although Brighthouse is guiding to improving operating metrics longer term, they re still below industry leaders, the analyst tells investors in a research note. As such, the firm believes the stock will underperform on a relative basis. Among the annuities carriers, Brighthouse is less favorably positioned than Equitable under the current macro environment, says Morgan Stanley.