Corebridge downgraded to Neutral from Outperform at Credit Suisse

Credit Suisse analyst Andrew Kligerman downgraded Corebridge to Neutral from Outperform with a price target of $23, down from $26. Kligerman sees the limited float to be a larger than expected headwind and thinks the risk/reward profile warrants a Neutral rating given continued macro uncertainty, the analyst tells investors in a research note. The analyst also has concerns over disintermediation risk, with Corebridge most exposed in his coverage universe given its older fixed annuity exposure.