Raymond James analyst Wilma Burdis initiated coverage of Equitable Holdings with a Market Perform rating and no price target. The company has a track record of "thoughtful management" of its in-force legacy variable annuity block, but it is a macro sensitive name given its concentration in equity market and interest rate sensitive businesses, the analyst tells investors in a research note. The firm believes additional variable annuity block sales appear unlikely until late 2023, with likelihood picking up more materially in 2024.
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