UBS analyst Brian Meredith initiated coverage of Corebridge Financial with a Buy rating and $22 price target. The analyst believes the company will be able to achieve its 12%-14% return on equity target by mid-2025 through a combination of expense saves, capital return and improved spreads. The firm says the stock pricing in materially lower return on equity. Corebridge has higher macro sensitivity relative to peers, but this is more than discounted in shares at its current valuation, the analyst tells investors in a research note.
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