Equitable Holdings named ‘Franchise Pick’ at Jefferies

Jefferies named Equitable Holdings (EQH) a “Franchise Pick,” replacing Corebridge (CRBG), saying Equitable is one of the few companies that has economic exposure to the three largest components of the U.S. retail retirement value chain. The firm feels the U.S. life insurance industry “is at an inflection point,” where annuity segments have the potential to enjoy some of the strongest growth and returns in decades. Assuming long-term interest rates remain broadly in line with current levels, the “return of retail” will be a multi-year investable theme, the analyst tells investors in a research note. Jefferies says annuities is the area within U.S. life “with the greatest disconnect between growth potential and valuation.”