BMO Capital Reiterates Outperform on Brookfield Asset Management (BAM)
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BMO Capital reiterated an Outperform rating on Brookfield Asset Management (NYSE: BAM), and raised the price target to $42.00 (from $40.00). IDRs are growing at a faster pace than overall AUM as distributions at the public affiliates continue to grow and punch through the distribution thresholds.
Analyst Bert Powell commented, "We believe BAM’s trajectory in AUM, fee revenue, and the leverage in the asset manager that enables fee-related earnings to grow faster than AUM growth is under appreciated and undervalued. We believe the market continues to view BAM as complex, but in reality it is easier to understand today than at any time in its recent past. In this report we offer a 'simplified' overview, some undocumented features of the business model, and update the asset management deep dive we published last year to reflect BBU and recent fund raising."
Shares of Brookfield Asset Management closed at $34.93 yesterday.
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