Equitable Holdings downgraded to Hold from Buy at Jefferies

Jefferies analyst Suneet Kamath downgraded Equitable Holdings to Hold from Buy with a price target of $34, down from $36. U.S. life insurance stocks are unlikely to have as positive a year in 2023 as they did in 2022, Kamath tells investors in a research note. Higher interest rates, COVID claims, as well as credit and capital concerns could weigh on the sector following its outperformance in 2022, says the analyst. Kamath struggles to see catalysts ahead for Equitable that would drive material share outperformance.