The Financial Post reports in its Friday edition that in upgrading Brookfield Asset Management ($35.11) to top pick from outperform, RBC analyst Neil Downey said BAM's intrinsic value per share growth is being driven by strong execution backed by a well-articulated business plan (all figures U.S.). The Post's Jonathan Ratner, writing in Trading Desk, quotes Mr. Downey saying in a note, "BAM's competitive advantages include global reach, size/scale, strong investment track records, and multiple funds/strategies." That, says Mr. Downey, has helped the company expand and diversify its client base, which now includes 425 global private fund investors, up from 320 a year ago. The analyst highlighted Brookfield's 15-per-cent annual gain in fee-bearing capital to $108-billion. While Brookfield is looking for $3-billion for three new niche private funds and another property fund, Mr. Downey does expect fee-bearing capital growth will slow in the next 12 to 24 months. However, he thinks it may reaccelerate in 2019 and 2020. With Brookfield shares trading at a 12-per-cent discount to his $38-intrinsic-value-per-share estimate, Mr. Downey thinks now is an attractive entry point. He has a $41 price target on the stock.