Barclays upgraded Brighthouse Financial (BHF) to Overweight from Equal Weight with a price target of $85, up from $52, after the Financial Times reported the company in the process of exploring a sale and were entertaining bids from prominent private capital managers. Although Brighthouse shares rallied 14% on the news, there remains 45% more upside potential to current levels, the analyst tells investors in a research note. If the deal falls through, Barclays expects Brighthouse to retrace back to $50 per share. With a risk/reward of “nearly 1:3,” the firm upgraded the shares.
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