DigitalBridge price target lowered to $16 from $18 at Wells Fargo

Wells Fargo lowered the firm’s price target on DigitalBridge (DBRG) to $16 from $18 and keeps an Overweight rating on the shares. The firm says that despite favorable fundraising commentary, FRE conversion continues to be challenged, with a big guidance cut in Q3. Numbers now need to be reset lower, although FRE growth should still grow greater than10% into 2025, Wells adds.