Brighthouse Financial downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs analyst Alex Scott downgraded Brighthouse Financial to Sell from Neutral with a price target of $43, down from $47. The company’s disclosure of multi-year cash flow suggests a slower ramp-up of free cash flow than anticipated, the analyst tells investors in a research note. The firm says Brighthouse’s projections indicate a greater growth rate on cash flow is unlikely before years 2029-2033. In addition, the company’s cash flow projections do not assume any impact from the changing economic scenario generator regulation or the potential need to fund cash into the SGUL captive reinsurance company, says Goldman.