Brookfield Asset Management price target raised to $54 from $48 at Wells Fargo

Wells Fargo analyst Michael Brown raised the firm’s price target on Brookfield Asset Management (BAM) to $54 from $48 and keeps an Underweight rating on the shares. The firm notes the company reported a decent Q1, although the positive stock reaction seemed to be more on a sigh of relief and reassuring commentary than on the likelihood of upward revisions. Wells remains bearish on the name given risk to Street management fee and EPS estimates and on valuation.