Brighthouse may fall 8% as MetLife divests stake through debt swap: Credit Suisse

|About: Brighthouse Financial, Inc. (BHF)|By:, SA News Editor

Brighthouse Financial (NASDAQ:BHF) will likely fall 5%-8% after news that MetLife (MET +0.3%) plans to swap about $1.1B of BHF stock to retire debt and, as a result, exit its stake in the unit it spun off last year, Bloomberg reports, citing Credit Suisse note by Andrew Kligerman.

BHF +1% to $46.50 in early trading.

Kligerman cut his price target on BHF, which he rates as underperform, to $40.50 from $44.

BHF has 2 buys, 9 holds, 3 sells, average price target of $58: Bloomberg data.

Previously: Brighthouse Financial announces secondary stock offering (June 12)