UBS downgraded Equitable Holdings to Neutral from Buy with a price target of $43, up from $40. The firm believes that the ongoing price to earnings multiple expansion and upward earnings revisions are less likely for the company, though UBS is increasing its 2025 EPS view by 11c to $7.30, reflecting a modestly higher investment yield, the analyst tells investors in a research note. Upside to net interest income estimates, excluding variable interest income, has likely peaked and sales momentum for annuity products could slow with the direction of long-term interest rates likely to be lower, UBS added.
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