Brookfield Corporation (BN) PT Lowered to $61 at JPMorgan

JPMorgan analyst Kenneth Worthington lowered the price target on Brookfield Corporation (NYSE: BN) to $61.00 (from $65.00) while maintaining a Overweight rating.

The analyst comments "We rate Brookfield Corporation Overweight. We see BN as a best-in-class alternative asset manager with a leading position in Infrastructure, which may be a particular beneficiary in a high rate environment and with the potential privatization of assets following the COVID-19 pandemic. More importantly, we see Brookfield going through a period of fundraising that will add meaningfully to fee-earning assets and revenue. We see the fundraising driven by its flagship products, but it should be complemented by the fundraising of perpetual funds and other new product launches. We have seen the anticipation of fundraising drive other alternative asset manager stocks to outperform, and we expect the same for Brookfield. Separately, we also think that the insurance business could be a key growth engine looking ahead, and Brookfield has demonstrated substantial recent progress on this front both organically and inorganically."

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