Bridge Investment initiated with an Outperform at TD Cowen

TD Cowen initiated coverage of Bridge Investment with an Outperform rating and $11 price target. The company is a real-estate centric platform with favorable FRE/DE inflection heading into FY24, including “accelerating flywheel and positive rising scarcity value”, the analyst tells investors in a research note. The firm adds that fundamentals for Bridge Investment have likely bottomed, aided by shifting interest rate expectations, and it expects deployment and asset gathering to accelerate.