Scotiabank cuts Brookfield target, says selloff ‘feels overdone’

Scotiabank lowered the firm’s price target on Brookfield Asset Management (BAM) to $56 from $64 and keeps an Outperform rating on the shares. The firm says software, AI and private credit concerns have driven the shares of the alternative asset managers amid questions over credit quality, valuations, and fundraising momentum. Brookfield seems to have the lowest software and credit exposure among its peers, the analyst tells investors in a research note. Scotiabank believes the stock selloff “feels overdone.”