Jackson Financial downgraded to Market Perform from Outperform at Keefe Bruyette

Keefe Bruyette downgraded Jackson Financial to Market Perform from Outperform with a price target of $80, up from $75. The stock has appreciated 45% since the establishment of Brooke Re, change to its variable annuity hedging program, and increased free cash flow guidance, the analyst tells investors in a research note. The firm said that while the stock is still “relatively cheap,” it believes more fairly balances tail risk from the company’s variable annuity centric business mix, as well as the build-up in capital return towards free cash flow over time.