Brighthouse Financial price target lowered to $46 from $56 at Piper Sandler

Piper Sandler analyst John Barnidge lowered the firm’s price target on Brighthouse Financial to $46 from $56 and keeps a Neutral rating on the shares. The bank failures in March have overshadowed a continued improving mortality environment for insurers, the analyst tells investors in a research note. The firm also thinks long-duration targeted improvement accounting changes will smooth out the earnings volatility of mortality-based businesses.