BofA Securities Downgrades Brookfield Asset Management (BAM) to Neutral

BofA Securities analyst Craig Siegenthaler downgraded Brookfield Asset Management (NYSE: BAM) from Buy to Neutral with a price target of $68.00.

The analyst comments "(1) Not best-positioned for US retail and 401k secular themes; (2) Current premium valuation (>1STDEV) and price performance since April; (3) BAM’s capital intensity has increased and (4) BAM’s addition to the S&P 500 seems unlikely over the NT. We remain positive on the secular drivers supporting the Alts. BAM has the #1 infrastructure business in the world which will be one of the fastest growing Alt segments over the next 10Ys. We also view BAM as among the best-positioned for GP consolidations given its size ($1Tn AuM), brand, breadth, and strong global fundraising effort (especially in Middle East). Downside risks: (1) Listed vehicles could weigh on FRE; (2) Real estate investment performance given allocations to CRE office/retail."

For an analyst ratings summary and ratings history on Brookfield Asset Management click here. For more ratings news on Brookfield Asset Management click here.

Shares of Brookfield Asset Management closed at $58.51 yesterday.

You May Also Be Interested In

• JPMorgan Downgrades Supreme Industries (SI:IN) to Neutral
• Deutsche Bank Downgrades Synaptics (SYNA) to Hold
• Tractor Supply and Starlink team up to expand rural broadband via 4-H