DigitalBridge transferred with Buy rating at B. Riley

B. Riley kept a Buy rating on DigitalBridge with a $27 price target following a transfer of coverage. The company in Q3 showed continued progress in the model’s transition to a pure-play, digital infrastructure alternative asset manager, the analyst tells investors in a research note. The firm says DigitalBridge is well down the path of converting to asset management, “opening the stock to significant re-rating potential” as investors focus on its growing fee income.