As previously reported, BofA upgraded Brookfield Asset Management (BAM) to Buy from Neutral with an unchanged price target of $65. Brookfield has the number one infrastructure business in the world and is building an insurance business that replicates the success of Apollo Global (APO), says the analyst, who remains positive on the multiple secular drivers supporting the alternative asset manager group. Brookfield is well positioned for these themes, while offering a defensive fee-related earnings rich profit stream that is “currently being undervalued by the market,” the analyst tells investors.
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