** Shares of life insurer Corebridge Financial CRBG.N rise as much as 3.9%; last up 2.9% at $34.29
** Morgan Stanley upgrades CRBG to "overweight" from "equal-weight"; raises PT to $43 from $35, a 29% upside to stock's last close
** Brokerage says management's business shift toward fee-based earnings within group insurance should alleviate outflows
** Adds that a strong distribution network and addressable customer base gives CRBG leverage over peers
** 13 of 16 brokerages rate the stock "buy" or higher and three "hold," median PT is $39 — LSEG data
** As of last close, CRBG up 11.3% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com))
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