Corebridge price target lowered to $34 from $35 at Piper Sandler

Piper Sandler lowered the firm’s price target on Corebridge to $34 from $35 and keeps an Overweight rating on the shares. The firm notes “lifecoland” largely traded higher in Q3 with outperformance seen by fee and underwriting portions of the universe while many spread-focused companies have been challenged driven by concerns about spread income, sales and actuarial assumption reviews. Piper continues to favor underwriters.