Bridge Investment downgraded to Hold at TD Cowen following recent ‘bounce’

As previously reported, TD Cowen analyst Bill Katz downgraded Bridge Investment to Hold from Buy with a price target of $10.50, up from $10. While the firm says it likes the set up on the Traditional Asset Managers it covers tactically into Q3 earnings, as it expects “a series of positive surprises against less elevated expectations,” the firm expects Q3 earnings misses and modestly negative FY24-25 consensus revisions for the Alternative Managers. The firm sees “limited upside” for Bridge Investment given the recent bounce in shares, the analyst tells investors in a preview for the asset management group.