BrightSphere price target raised to $22 from $20 at Morgan Stanley

Morgan Stanley analyst Michael Cyprys raised the firm’s price target on BrightSphere to $22 from $20 and keeps an Equal Weight rating on the shares. In a Q4 preview for the Asset Managers, the firm said it expects better Q4 earnings given the market rally into year-end boosting fund net asset values, or NAVs. Higher asset under management levels support an improved 2024-25 outlook and the firm also sees scope for a better flow outlook in 2024 as it anticipates a gradual risk re-engagement, the analyst added in the group preview.