Brookfield Asset Management (BAM) Stock Price Target Upped at Canaccord Genuity

Brookfield Asset Management (BAM) stock price target was increased at Canaccord Genuity on Monday following the company's 2016 first quarter results.

Author:: Kaya Yurieff
Publish date:: May 16, 2016 4:06 PM EDT

NEW YORK (TheStreet) -- Brookfield Asset Management (BAM) - Get Report stock price target was raised to $38 from $36 at Canaccord Genuity on Monday. The firm has a "buy" rating on the stock.

The higher price target comes after the Toronto-based asset management company posted its 2016 first quarter results on Friday.

Brookfield reported earnings of 23 cents per share, lower than analysts' projections of 27 cents per share. But revenue came in at $5.22 billion, surpassing analysts' estimates of $4.54 billion.

The company also reported funds from operations, excluding gains, of 47 cents per share, beating Canaccord's estimate of 42 cents per share.

"Growth was healthy in the property and infrastructure divisions and was partially offset by weakness in the renewable energy segment. Going forward, we believe BAM is extremely well positioned to continue to grow its management fees," the firm wrote in a note.

Shares of Brookfield closed up 3.92% to $34.49 on heavy trading volume on Monday. About 1.6 million of the company's shares changed hands today vs. its average volume of 973,662 shares per day.

Separately, the company announced the date for its spin-off of Brookfield Business Partners today, through which it will own and operate business services and industrial operations of its private equity business group.

One June 20, shareholders of record as of June 2 will receive one BBP share for every 50 shares of Brookfield, according to a statement.

Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on Brookfield stock.

The company's strengths can be seen in multiple areas, such as its revenue growth and reasonable valuation levels. We feel its strengths outweigh the fact that the company has had somewhat weak growth in earnings per share.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: BAM