DigitalBridge Group Inc. (DBRG) PT Raised to $22 at Truist Securities

Truist Securities analyst Greg Miller raised the price target on DigitalBridge Group Inc. (NYSE: DBRG) to $22.00 (from $20.00) while maintaining a Buy rating.

The analyst commented: "Following 4Q23 results, we are establishing FRE / Adjusted EBITDA for 2024 at $156m and $200m for 2025. The underlying assumptions in our model include: IM FEEUM: $37bn by the end of 2024 and $45bn by the end of 2025, $351m in fee revenue. We are increasing our 12-month price target to $22 from $20 based on our DCF of $25.77ps using a 9.9% discount rate and a NTM 20x FRE target multiple. Our price target implies ~19% in total return."

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