** 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))