Brighthouse Financial price target lowered to $50 from $55 at Piper Sandler

Piper Sandler analyst John Barnidge lowered the firm’s price target on Brighthouse Financial to $50 from $55 and keeps a Neutral rating on the shares. Brighthouse is likely to face pressure to its registered indexed linked annuity, or RILA, product given that it was a leading generation 1.0 market participant and the firm is hearing more and more generation 1.0 RILA manufacturers are needing to refresh product given new entrants from a more fixed index annuity chassis with financial sponsor investment management, the analyst tells investors.