UPDATE: Credit Suisse Upgrades Brookfield Asset Management (BAM) to Outperform

Credit Suisse analyst Andrew M. Kuske upgraded Brookfield Asset Management (NYSE: BAM) from Neutral to Outperform with a price target of $71.50 (from $68.00).

The analyst comments "With the combination of recent stock performance, catalysts on the horizon, ongoing alternative asset manager trends and, among other things, valuation, we upgrade Brookfield Asset Management (BAM) to Outperform from Neutral along with boosting the target price to US$71.50 from the prior US$68. On the year-to-date, BAM generally delivered a “middle-of-the-pack” performance against some US alternative asset managers, but a significant lag versus the Canadian banks (a relevant comp given index weights) with (17)% and (16.6)% on the NYSE and TSX lines, respectively. With BAM’s continued re-packaging of the property portfolio, with potential alternative asset manager spin and continued favourable funds flow into the Canadian market, we believe a number of conditions exist for BAM’s outperformance."

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 $49.74 yesterday.

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