Bridge Investment downgraded to Equal Weight from Overweight at Morgan Stanley
The Fly

Bridge Investment downgraded to Equal Weight from Overweight at Morgan Stanley

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.

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