Mizuho Starts Corebridge Financial (CRBG) at Outperform

Mizuho analyst Yaron Kinar initiates coverage on Corebridge Financial (NYSE: CRBG) with a Outperform rating and a price target of $38.00.

The analyst comments "We have a positive outlook on Corebridge, modeling accelerating normalized EPS growth from 6% in 2025E to 16% in 2026E and then above-Street 19% in 2027E. Our estimates are predicated on (1) moderating impact of Fed rate cuts by 2027 and stabilizing base spreads, (2) continued revenue growth and expense efficiencies, (3) non-recurring elevated expenses in 2025 and continued expense efficiencies, and (4) continued robust buyback program. Our estimates are based on recast financials that reflect 2025's risk transfer transaction (more below). We also expect variable investment income (VII), which has generated below 8-9% long-term returns in the last two years, to normalize and add to EPS growth, but that is not captured in normalized EPS. All in, we model 14% normalized EPS CAGR for 2025-2027, at the upper end of management's 10-15% EPS guide."

For an analyst ratings summary and ratings history on Corebridge Financial click here. For more ratings news on Corebridge Financial click here.

Shares of Corebridge Financial closed at $31.54 yesterday.

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