DigitalBridge price target lowered to $18 from $20 at Wells Fargo

Wells Fargo lowered the firm’s price target on DigitalBridge to $18 from $20 and keeps an Overweight rating on the shares. The firm expects a cleaner, more straightforward Q2-with improving fund-raising, fee revenue and FRE conversion-which should put DigitalBridge on a path to hit its financial guidance in 2024 even in a challenging macro environment.