CIBC Issues Positive Forecast for Brookfield Asset Management (NYSE:BAM) Stock Price

Key Points

• CIBC has raised its target price for Brookfield Asset Management (NYSE:BAM) from $70.00 to $71.00, indicating a potential upside of 17.16% from its current price.
• TD Securities has upgraded Brookfield's price target to $75.00 and assigned a "buy" rating, while analysts have varying ratings including two "strong buy" and two "sell".
• Shares of Brookfield Asset Management recently experienced a 3.7% decline in value during trading, currently standing at $60.60.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A had its target price raised by equities research analysts at CIBC from $70.00 to $71.00 in a report released on Thursday,BayStreet.CA reports. The firm currently has an "outperform" rating on the financial services provider's stock. CIBC's price target points to a potential upside of 17.16% from the company's current price.

A number of other analysts also recently commented on BAM. TD Securities raised their price objective on Brookfield Asset Management from $66.00 to $75.00 and gave the stock a "buy" rating in a research report on Monday, July 28th. Bank of America upgraded shares of Brookfield Asset Management from a "neutral" rating to a "buy" rating and set a $65.00 price objective for the company in a research report on Thursday, April 10th. JPMorgan Chase & Co. raised their price target on Brookfield Asset Management from $51.00 to $55.00 and gave the company a "neutral" rating in a report on Wednesday, May 7th. Morgan Stanley raised their price target on Brookfield Asset Management from $50.00 to $54.00 and gave the stock an "equal weight" rating in a research report on Friday, May 16th. Finally, Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $58.00 price objective on shares of Brookfield Asset Management in a report on Thursday. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Brookfield Asset Management currently has a consensus rating of "Moderate Buy" and an average price target of $62.33.

Brookfield Asset Management Stock Down 3.7%

Shares of BAM traded down $2.33 during mid-day trading on Thursday, reaching $60.60. 1,210,937 shares of the stock traded hands, compared to its average volume of 2,105,636. The firm has a market cap of $99.25 billion, a price-to-earnings ratio of 42.91, a P/E/G ratio of 2.37 and a beta of 1.44. The stock has a fifty day simple moving average of $57.58 and a 200 day simple moving average of $54.99. Brookfield Asset Management has a 12-month low of $38.32 and a 12-month high of $64.10. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.07.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last issued its quarterly earnings data on Tuesday, May 6th. The financial services provider reported $0.40 EPS for the quarter, meeting analysts' consensus estimates of $0.40. Brookfield Asset Management had a return on equity of 52.70% and a net margin of 55.26%. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.29 billion. Sell-side analysts expect that Brookfield Asset Management will post 1.7 EPS for the current fiscal year.

Hedge Funds Weigh In On Brookfield Asset Management

Institutional investors have recently made changes to their positions in the stock. Cerity Partners LLC grew its holdings in shares of Brookfield Asset Management by 36.6% during the 1st quarter. Cerity Partners LLC now owns 29,482 shares of the financial services provider's stock valued at $1,428,000 after purchasing an additional 7,901 shares during the last quarter. Teacher Retirement System of Texas raised its position in shares of Brookfield Asset Management by 9.9% in the 1st quarter. Teacher Retirement System of Texas now owns 68,700 shares of the financial services provider's stock worth $3,329,000 after acquiring an additional 6,200 shares in the last quarter. Capital A Wealth Management LLC bought a new stake in shares of Brookfield Asset Management in the 4th quarter worth approximately $412,000. BNP Paribas Financial Markets purchased a new stake in shares of Brookfield Asset Management during the fourth quarter valued at approximately $183,000. Finally, Intact Investment Management Inc. bought a new position in Brookfield Asset Management during the 1st quarter valued at about $6,434,000. Institutional investors own 68.41% of the company's stock.

About Brookfield Asset Management

Brookfield Asset Management Ltd. is a real estate investment firm specializing in alternative asset management services. Its renewable power and transition business includes the operates in the hydroelectric, wind, solar, distributed generation, and sustainable solution sector. The company's infrastructure business engages in the utilities, transport, midstream, and data infrastructure sectors.

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