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RBC upgrades Brookfield Asset Management to top pick, shares pop nearly 5%

Bruce Flatt, chief executive officer of Brookfield Asset Management Inc.
Kevin Van Paassen | Bloomberg | Getty Images

Shares of Brookfield Asset Management climbed 4 percent in midday trading on Thursday, after RBC Capital Markets upgraded the stock to "top pick" from "outperform" and reiterated its $41 price target.

RBC said that "strong execution" on a "well-articulated business plan" has driven growth in the company's intrinsic value per share. In the wake of the financial crisis, Brookfield has been "separating from the pack," RBC said.

The company has a "high quality asset base" and its asset management platform is growing profitability, RBC said.

The firm said that it is confident in Brookfield's business model. The company is also one of the firm's top 30 global ideas for 2016.

With Thursday's gains, Brookfield shares are up 13 percent so far this year.

Disclosure: RBC Capital Markets makes a market in the securities of Brookfield Asset Management.