Corebridge upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley analyst Bob Huang upgraded Corebridge (CRBG) to Overweight from Equal Weight with a price target of $43, up from $35. The company’s business shift toward fee-based earnings within group insurance will alleviate outflows, and subsequently boost fee related earnings, the analyst tells investors in a research note. The firm says this will position Corebridge “defensively in a less favorable interest rate environment.” Corebridge is demonstrating its ability to “pull on and off levers,” contends Morgan Stanley.