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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Read More on BRDG:
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