Keefe Bruyette raised the firm’s price target on Brighthouse Financial (BHF) to $66 from $60 and keeps a Market Perform rating on the shares. The firm updated its view of Brighthouse’s potential value in an outright sale, downside risk if the company remains independent, and the probability of each. Keefe estimates a potential sale value of $4.4B or $75 per share to an asset manager. It assigns a 75% probability of a sale, though assumes the process could take at least several months. If Brighthouse remains a public company, Keefe sees potential downside risk to $40 per share given its intermediate-term challenges.
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