Piper Sandler Issues Pessimistic Forecast for Brookfield Asset Management (NYSE:BAM) Stock Price

Key Points

• Piper Sandler has lowered its target price for Brookfield Asset Management from $65.00 to $60.00, maintaining a "neutral" rating, indicating potential upside of only 5.14% from the current stock price.
• Other analysts have mixed views, with Jefferies raising its target to $62.00 and Scotiabank increasing it to $67.25, while the consensus rating for Brookfield's stock is classified as a "Moderate Buy."
• Brookfield reported earnings of $0.38 per share in its latest quarterly results, missing expectations, with revenue of $1.11 billion compared to forecasts of $1.29 billion.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A had its target price reduced by equities research analysts at Piper Sandler from $65.00 to $60.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a "neutral" rating on the financial services provider's stock. Piper Sandler's target price points to a potential upside of 5.14% from the company's current price.

BAM has been the subject of several other reports. Jefferies Financial Group increased their price target on shares of Brookfield Asset Management from $55.00 to $62.00 and gave the stock a "hold" rating in a report on Wednesday, August 13th. BMO Capital Markets increased their price target on shares of Brookfield Asset Management from $53.00 to $56.00 and gave the stock a "market perform" rating in a report on Thursday, August 7th. Scotiabank increased their price target on shares of Brookfield Asset Management from $66.00 to $67.25 and gave the stock a "sector outperform" rating in a report on Thursday, August 7th. National Bankshares set a $71.00 target price on shares of Brookfield Asset Management and gave the company an "outperform" rating in a report on Tuesday, July 29th. Finally, Morgan Stanley increased their target price on shares of Brookfield Asset Management from $50.00 to $54.00 and gave the company an "equal weight" rating in a report on Friday, May 16th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $63.52.

Brookfield Asset Management Stock Performance

Shares of BAM traded up $1.39 during mid-day trading on Thursday, hitting $57.07. 168,795 shares of the company's stock were exchanged, compared to its average volume of 2,079,121. The firm has a market capitalization of $93.46 billion, a P/E ratio of 38.33, a P/E/G ratio of 2.05 and a beta of 1.44. Brookfield Asset Management has a fifty-two week low of $41.78 and a fifty-two week high of $64.10. The business's 50 day moving average is $59.85 and its two-hundred day moving average is $55.23. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.14.

Brookfield Asset Management (NYSE:BAM - Get Free Report) TSE: BAM.A last posted its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.01). The firm had revenue of $1.11 billion for the quarter, compared to analysts' expectations of $1.29 billion. Brookfield Asset Management had a return on equity of 41.12% and a net margin of 55.92%. On average, equities analysts expect that Brookfield Asset Management will post 1.7 earnings per share for the current year.

Hedge Funds Weigh In On Brookfield Asset Management

Hedge funds have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Brookfield Asset Management by 1,270.6% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 466 shares of the financial services provider's stock valued at $26,000 after acquiring an additional 432 shares in the last quarter. Manchester Capital Management LLC lifted its holdings in shares of Brookfield Asset Management by 559.5% during the 2nd quarter. Manchester Capital Management LLC now owns 521 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 442 shares in the last quarter. Rossby Financial LCC acquired a new position in shares of Brookfield Asset Management during the 1st quarter valued at $28,000. ST Germain D J Co. Inc. acquired a new position in shares of Brookfield Asset Management during the 1st quarter valued at $26,000. Finally, Sagard Holdings Management Inc. purchased a new stake in Brookfield Asset Management during the 2nd quarter worth $39,000. Institutional investors and hedge funds own 68.41% of the company's stock.

Brookfield Asset Management Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.