Brighthouse Financial dips after KBW downgrades to 'underperform'

Brighthouse Financial

15/12/2023 19:11

** Shares of life insurance and annuity provider Brighthouse
Financial  BHF.O  fall 3.3% to $52.85
    ** KBW downgrades rating to "underperform" from "market
perform"; cuts PT to $50 from $54
    ** Brokerage says BHF's 5-year free cash flow (FCF) outlook
is uninspiring
    ** "BHF expects FCF to meaningfully improve in years 6-10,
but that's a long way out for a stock with no dividend and no
risk transfer expectation" - KBW
    ** Seven of 10 brokerages rate the stock "hold" and three
"sell" or lower; their median PT is $51.50 - LSEG
    ** Up to last close, stock was up 6.6% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com))