Piper Sandler trims Corebridge Financial price target to $31, maintains Overweight rating

Piper Sandler has lowered its price target for Corebridge Financial (NYSE: CRBG) to $31 from $35, while reiterating an Overweight rating on the shares. The adjustment, made on May 26, was attributed to recent stock performance and the passage of time, according to the firm.

The analyst firm noted a broader sector preference for insurance carriers over brokers following first-quarter results. Piper Sandler’s bottom-up analysis suggests that underwriting performance provided stronger-than-expected support for carriers, whereas brokers delivered weaker organic growth results. Consequently, the firm believes investors may be better served focusing on insurance carriers rather than brokers in the current environment.

This move contrasts with a more bullish stance from Bank of America, which raised its price target for Corebridge to $41 from $40 on May 13 while maintaining a Buy rating. Bank of America analysts highlighted that neither Corebridge nor Equitable (EQH) is currently included in the S&P indices. They suggested that a hypothetical merger between the two companies, if it led to index entry, could generate substantial demand for the shares.

The potential for index inclusion, according to Bank of America, could create demand that potentially exceeds the impact of Corebridge’s share repurchase program. However, the firm clarified that the merger scenario remains hypothetical, with no confirmation of active negotiations or intent to merge between the two entities.

Corebridge Financial provides retirement solutions and insurance products across the United States, working with financial professionals and institutions. The company’s shares are currently included in a third-party classification titled the "Billionaire George Soros Stock Portfolio: 10 Best Stocks to Buy," though this listing does not constitute verified insider activity.