TD Newcrest Upgrades Brookfield Asset Management (BAM) to Buy, Cuts Price Target to $33 on Outlook
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Price: $54.31 --0%
Rating Summary:
12 Buy, 7 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 12 | New: 19
Rating Summary:
12 Buy, 7 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 12 | New: 19
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TD Newcrest upgraded shares of Brookfield Asset Management (NYSE: BAM) to a Buy rating from its previous rating of Hold, but cut its price target from $36 to $33.
The company reported its Q2 results with cash flows from operations of $0.51 per share, which is down $0.02 year-over-year. The firm is estimating that adjusted cash flows for the quarter was only $0.32 per share, well below their estimate of $0.59.
Due to poor cash flow from operations in Q2 and a weak macroeconomic outlook, the firm cut its price target from $36 to $33.
Management noted that the $21 million increase in net income year-over-year was largely in part due to an increase in construction. The company ended the quarter with $154 billion in assets under management, up $32 million year-over-year.
TD Newcrest's current 2011 and 2012 CFPS estimates are $1.65 and $2.20, down from their previous estimates of $2.15 and $2.51.
The firm believes that shares of BAM are a solid investment as the current price of the stock, when compared to TD Newcrest's new price target, allows for a 18 percent upside.
For more ratings news on Brookfield Asset Management click here and for the rating history of Brookfield Asset Management click here.
Shares of Brookfield Asset Management closed at $27.97 yesterday.
The company reported its Q2 results with cash flows from operations of $0.51 per share, which is down $0.02 year-over-year. The firm is estimating that adjusted cash flows for the quarter was only $0.32 per share, well below their estimate of $0.59.
Due to poor cash flow from operations in Q2 and a weak macroeconomic outlook, the firm cut its price target from $36 to $33.
Management noted that the $21 million increase in net income year-over-year was largely in part due to an increase in construction. The company ended the quarter with $154 billion in assets under management, up $32 million year-over-year.
TD Newcrest's current 2011 and 2012 CFPS estimates are $1.65 and $2.20, down from their previous estimates of $2.15 and $2.51.
The firm believes that shares of BAM are a solid investment as the current price of the stock, when compared to TD Newcrest's new price target, allows for a 18 percent upside.
For more ratings news on Brookfield Asset Management click here and for the rating history of Brookfield Asset Management click here.
Shares of Brookfield Asset Management closed at $27.97 yesterday.
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