Brookfield Corporation: Buy Rating Highlighting Growth Potential and UndervaluationBrookfield Corp. (BN): initiate at 2025 | 2:47AM EDT We initiate coverage of Brookfield Corporation ("BN") with a Buy rating, with a $78 12-month price target, ~20% upside. In our view, BN combines the scale and stability of a global, diversified balance sheet of assets with the expertise from its 73%-ownership in Brookfield Asset Management ("BAM"). The aggregate Brookfield ecosystem oversees nearly $1tr of assets spanning real estate, infrastructure, renewable energy, private equity, private credit, and insurance solutions. We view BN as a capital compounder that is on the cusp of seeing a significant step-up in excess capital generation, resulting in faster book value growth, higher ROE and a greater return of capital (share repurchases) opportunities.