Equitable Holdings downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Jimmy Bhullar downgraded Equitable Holdings to Neutral from Overweight with a price target of $36, up from $35. The company’s ongoing business de-risking and declining exposure to traditional variable annuities with guarantees are key positives, the analyst tells investors in a research note. However, these factors are better reflected in the stock’s valuation following its significant recent outperformance, the analyst tells investors in a research note.