Brighthouse Financial price target raised to $59 from $58 at JPMorgan

JPMorgan analyst Jimmy Bhullar raised the firm’s price target on Brighthouse Financial to $59 from $58 and keeps an Underweight rating on the shares as part of a Q2 life insurance preview. The long-term fundamental outlook for the life insurance business is “downbeat, but we feel that the risk-reward in stocks is compelling,” the analyst tells investors in a research note. The firm cites a favorable macro backdrop, healthy balance sheets and ongoing share repurchases, and cautious investor sentiment for its favorable stance on the stocks. Valuation multiples have recovered off mid-2023 lows, but remain attractive, says JPMorgan.