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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Read More on BHF:
- Brighthouse Financial seeks buyer for whole company or minority stake, FT says
- Brighthouse Financial up 11% after FT says company exploring sale
- Brighthouse Financial working with bankers to explore sale, FT reports
- Brighthouse Financial price target lowered to $41 from $42 at Wells Fargo
- Brighthouse Financial price target lowered to $56 from $59 at JPMorgan
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