Credit Suisse Reinstates Brookfield Asset Management at Outperform (BAM)

Credit Suisse is out with its report today on Brookfield Asset Management BAM, reinstating BAM at Outperform with a $38 PT. In a note to clients, Credit Suisse writes, "After a research restriction, we reinstate Brookfield Asset Management coverage with an Outperform rating and a US$38.00 target price. Rather unexpectedly, BAM issued common shares in two separate deals valued at nearly US$1.5bn that was largely used to fund the purchase of US$1.7bn of General Growth Properties, Inc. GGP shares. From a BAM perspective, we believe GGP provides considerable longer-term growth and restructuring potential. Ultimately, as with many situations, we believe BAM will look to have a controlling stake in GGP. Unfortunately, we view the near-term value accretion from the increased GGP position as being minimal to BAM's cash flows." Shares of BAM closed Wednesday' at $32.18, down 0.40% from Tuesday's close.