Brookfield Asset Management downgraded to Underperform at Keefe Bruyette

Keefe Bruyette downgraded Brookfield Asset Management (BAM) to Underperform from Market Perform with a price target of $34, down from $36. High expectations are "baked into the stock currently" given its "full valuation," says the analyst, who is more cautious than the Street on near-term fee-bearing-capital growth given industry-wide fundraising challenges. The firm notes that its call is "a relative one," as it sees limited upside potential for Brookfield and prefers Outperform-rated Apollo Global (APO) and KKR (KKR) given what it calls their "strong growth profiles yet discounted valuations."