Brookfield Asset Management price target lowered to $62.50 from $65 at CIBC

CIBC lowered the firm’s price target on Brookfield Asset Management (BAM) to $62.50 from $65 and keeps an Outperformer rating on the shares following Q1 earnings that were “slightly above expectations,” with the beat being primarily driven by lower compensation and benefits expenses. CIBC noted that “private credit was a main topic of focus” on the earnings call, and management commentary “continued to signal confidence in the credit business.” The firm concluded that Brookfield Asset Management has been “waiting with discipline and patience” and, despite the price target cut, believes “the best is yet to come.”