BMO Capital analyst Sohrab Movahedi initiated coverage of Brookfield Asset Management with a Market Perform rating and $32 price target. The shares offer investors access to a "pure-play" alternative asset management franchise with a proven track record for double-digit fee-bearing capital growth, stable fee rates and margins, Movahedi tells investors in a research note. However, the analyst is "mindful of multiple upside" to Brookfield’s premium valuation absent a further acceleration to fee-bearing capital growth. Movahedi would take a more constructive view on the shares under a valuation pullback.
Published first on TheFly
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