Brookfield Asset Management price target lowered to $54 from $55 at Wells Fargo

Wells Fargo lowered the firm’s price target on Brookfield Asset Management (BAM) to $54 from $55 and keeps an Underweight rating on the shares following an overall a mixed Q4, with a margin beat but management fee and fee AUM miss. A catalyst of late, U.S. index additions seem likely, but Canadian domicile likely means S&P 500 add not imminent, Wells says. The firm remains bearish on risk to Street management fee and EPS estimates and on valuation.