Corebridge Financial, Inc. (NYSE: CRBG) stock was upgraded to “Neutral” by UBS with a price target of $37, up from $28, after a variable annuity reinsurance deal with Venerable. UBS sees the shares as fairly valued. The deal monetizes a $51 billion business for $2.1 billion in proceeds.

The deal significantly improves Corebridge Financial, Inc.’s value creation strategy and willingness to adapt. The company plans to use proceeds for capital management objectives, including share repurchases and organic growth support. The $51 billion total account value includes General Account AV and Separate Account AV.

Corebridge Financial, Inc. provides retirement solutions and insurance products. While CRBG has investment potential, other AI stocks may offer greater upside with less downside risk. Investors seeking undervalued AI stocks can explore the best short-term AI stock in a free report.

For more investment opportunities, check out 13 Cheap AI Stocks to Buy According to Analysts and 11 Unstoppable Growth Stocks to Invest in Now. This article was originally published on Insider Monkey.

Read more at Yahoo Finance: UBS Upgraded Corebridge Financial (CRBG) Stock to Neutral