CIBC Keeps a Buy Rating on Brookfield Asset Mng (BAM)

In a report released yesterday, CIBC World Markets from CIBC reiterated a Buy rating on Brookfield Asset Mng (BAMResearch Report), with a price target of C$86.00. The company’s shares closed last Wednesday at $55.61, close to its 52-week high of $57.83.

Brookfield Asset Mng has an analyst consensus of Strong Buy, with a price target consensus of $61.71, implying a 12.3% upside from current levels. In a report issued on September 21, RBC Capital also reiterated a Buy rating on the stock with a C$83.00 price target.

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Based on Brookfield Asset Mng’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $18.29 billion and net profit of $816 million. In comparison, last year the company earned revenue of $12.83 billion and had a GAAP net loss of $656 million.

Based on the recent corporate insider activity of 55 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of BAM in relation to earlier this year.

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Canada-based Brookfield Asset Management, Inc. is a leading alternative asset management company, focusing on real estate, renewable power, infrastructure and private equity. The company manages a range of public and private investment products and services for institutional and retail clients.