F&G Annuities initiated with an Equal Weight at Stephens

Stephens analyst John Campbell initiated coverage of F&G Annuities (FG) with an Equal Weight rating and $22 price target following the 15% spin from Fidelity National (FNF). F&G is a top 10 annuity and life insurance provider that is "firmly in growth-mode," said Campbell, who sees an effective underlying spreads-based model, but also notes there can be noise relating to mark-to-market adjustments. Though he is starting on the sidelines, he believes that F&G’s return to the public markets should help the company "eventually garner deserved credit for its steady low-double digit earnings growth," dividend yield and "high-quality management team," the analyst said.