Morgan Stanley downgraded Bridge Investment (BRDG) to Equal Weight from Overweight with a price target of $11, down from $14. The firm says a cyclical recovery in real estate may take longer to materialize into Bridge’s fundraising and earnings reacceleration. It now sees a wider risk/reward skew for the shares with risks to prolonged earnings recovery post the sharp rise in 10-year yields and U.S. election results. The analyst cut earnings estimates, seeing a slower than expected earnings recovery with reduced transaction fees and higher expenses that pressure near-term earnings.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on BRDG:
- Bridge Investment Group Reports Resilient Q3 2024 Results
- Bridge Investment reports Q3 distributable EPS 15c, consensus 18c
- Bridge Investment downgraded to Hold at TD Cowen following recent ‘bounce’
- Bridge Investment downgraded to Hold from Buy at TD Cowen
- Bridge Investment price target raised to $14 from $11 at Morgan Stanley