DigitalBridge price target lowered to $19 from $22 at Truist

Truist lowered the firm’s price target on DigitalBridge to $19 from $22 but keeps a Buy rating on the shares. The company’s investor day provided a roadmap on how the alternative manager plans to double its FEEUM, or fee earning equity under management, in 5 years, with the key strategies that include targeting the underallocated top 100 infra investors and capitalizing on the growing interest in digital assets, though it will likely take time to realize the full benefits of institutionalizing the fundraising team, the analyst tells investors in a research note.