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United States of America

US : American Equity Investment Life Holding Company - AEL | Shift to Capital Light Model is a Potential Intermediate-Term Catalyst; Upgrade to Outperform

    Marcos Holanda
    Marcos Holanda

    Sr. Res. Assoc.

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    CGS-CIMB
    15 January 2021
    Published byCGS-CIMB

    We are upgrading AEL to Outperform from Market Perform. On 10/29/2020, the company reported 3Q20 results that were below our estimate (and the street's) driven by $3.70 per share negative impact from changes in actuarial assumptions to reflect current macroeconomic factors. Nonetheless, the stock i