MetLife downgraded to Hold from Buy at Jefferies

Jefferies analyst Suneet Kamath downgraded MetLife to Hold from Buy with a price target of $82, down from $86. U.S. life insurance stocks are unlikely to have as positive a year in 2023 as they did in 2022, Kamath tells investors in a research note. Higher interest rates, COVID claims, as well as credit and capital concerns could weigh on the sector following its outperformance in 2022, says the analyst. Kamath sees pressure for MetLife in a softening economy, and believes its positives are well understood with the stock is looking crowded.