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UBS cut Equitable Holdings (NYSE:EQH) to Neutral from Buy Tuesday, saying shares look fully valued.
“We are downgrading EQH shares from Buy to Neutral due to our expectation that ongoing P/E multiple expansion and upward earnings revisions are less likely,” analyst Brian Meredith wrote in a note.
“We believe upside to NII estimates, excluding variable interest income, has likely peaked and sales momentum for annuity products could slow with the direction of long-term interest rates likely to be lower,” Meredith said.
He nudged up the price target on EQH to $43 from $40.
