UPDATE: Citi Resumes Brookfield Asset Management (BAM) at Buy

Citi analyst William Katz resumes coverage on Brookfield Asset Management (NYSE: BAM) with a Buy rating and a price target of $68.00.

The analyst comments "After a brief restriction, we resume coverage of BAM with a Buy rating and lift our SOTP derived price target to $68 from our pre-restriction target of $60. We remain restricted on BAMR and the American National (both not covered) acquisition announced pre-market open on 8/9. Additionally, we update our model, raising our ’21-’23 FFO estimates, ahead of BAM’s 8/12 pre-market earnings release. We expect BAM’s reported FFO per share to land ~in line to Consensus, but Core FFO (ex-realizations) to miss the “Street” seemingly on invested capital. Stepping back, and similar to key peers, we anticipate a favorable set of broader flywheel takeaways around franchise scaling and momentum."

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 $57.38 yesterday.

You May Also Be Interested In

• Walmart (WMT) PT Lowered to $130 at UBS on Investment Narrative's Competing Dynamics
• S&P 500 may pull back before midterms, but Citi says buy the dip
• Zurn Water Solutions (ZWS) Reiterated at Buy by Stifel on New Product Development Momentum