Morgan Stanley downgraded Aegon NV to Equalweight from Overweight, with a price target of EUR 7.00.
Analyst Hadley Cohen cited limited upside to the target after recent share price strength. The stock has gained about 20% since mid-March.
Shares trade at $8.37, near their 52-week high of $8.48, with a one-year total return of 26%.
Morgan Stanley had previously favored Aegon for its business simplification and capital redeployment. The company offers a 5% dividend yield.
The downgrade follows Aegon's sale of its UK operations to Standard Life.
