** Brokerage UBS downgrades life and health reinsurer Reinsurance Group of America RGA.N to "neutral" from "buy"; cuts PT to $216 from $250

** Cites execution risk on annual capital deployment target as well as on the Equitable Holdings EQH.N deal

** Says the recent overhang on shares to persist over the near term as management executes its newer, more aggressive growth strategy

** "Reliance on 3rd party capital to meet EPS growth can be seen as "stretching" for a global reinsurance franchise historically known for its conservativism," says brokerage

** Nine of 12 brokerages rate stock "buy" or higher, and 3 "hold"; median PT is $250 — LSEG data

** Including session moves, RGA stock down ~6.7% YTD, compared to a 4.2% decline in the S&P 500 .SPX

(Reporting by Ateev Bhandari in Bengaluru)

((Ateev.Bhandari@thomsonreuters.com))