** Shares of alternative investment manager Bridge Investment Group BRDG.N slide as much as 9.4%; last down 6.4% at $7.77
** J.P. Morgan downgrades BRDG to "neutral" from "overweight"; cuts PT to $10 from $12, which is still a 20.5% upside to stock's last close
** Brokerage notes that the operating environment in the real estate segment has changed substantially under the new higher-for-longer rate regime, which presents new risks for real estate-centric managers such as BRDG
** Adds that BRDG's Fund VI fundraising has been challenged thus far, due to which it has lowered the fundraising estimates
** BRDG could see slower growth if recent commercial real estate underperformance compared to other asset classes persists
** One of five brokerages rate the stock "buy" and four "hold"; median PT $10.50 - LSEG data
** BRDG stock fell 14.1% in 2024
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))
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