The Globe and Mail reports in its Tuesday, July 29, edition that TD Cowen analyst Cherilyn Radbourne is sticking with her "buy" call on Brookfield Asset Management. The Globe's David Leeder writes that Ms. Radbourne's share target soared $9 to $75 (all figures U.S.). Analysts on average target the shares at $58.48. Ms. Radbourne says in a note: "The deal log jam finally appears poised to break. Brookfield peer BX recently pointed to the prospect of lower ST interest rates, continued economic growth, progress on trade deals, and pent-up demand to transact as the 'right recipe' to reignite M&A/IPO activity. Brookfield has fared better vs. many of its peers during the recent deal drought, because its investments are focused on essential assets: power, infrastructure, real estate and critical business services, many of which are highly contracted/regulated, which tends to support more durable valuations/liquidity. That said, improving deal velocity should give industry fund raising a boost, just as Brookfield prepares to launch its next flagship PE fund later in the year, and should also benefit fund performance, although we do not expect carry to impact earnings until 2029 (six to seven years after spin-off)."
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