RBC Capital analyst Mark Dwelle downgraded Equitable Holdings to Sector Perform from Outperform with a price target of $33, down from $34. The analyst remains "constructive" on the company’s history of execution, ROE generation and capital return, but his rating change reflects valuation and near term macro headwinds related to its asset management business. Dwelle adds that the stock’s premium valuation and lack of near term catalysts are signs that future performance will be more in-line with peers.
Published first on TheFly
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