Evercore ISI downgraded Jackson Financial (JXN) to Underperform from In Line with a price target of $95, up from $74. The company has produced solid results and free cash flow since its regulatory restructuring with Brooke Re in Q4 of 2023, which has led to substantial share price outperformance, the analyst tells investors in a research note. When considering Jackson’s free cash flow being produced in its operating company, and its organic growth prospects, the firm thinks the stock is “ahead of itself somewhat.” The current price to free cash flow multiple of 12-times is too high for an asset manager that is “decaying” around 4%-5% annually, contends Evercore.
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