Barclays on U.S. Brokers, Asset Managers & Exchanges: Adjusting Estimates on APO, BX, CG, KKR, OZM
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Rating Summary:
12 Buy, 4 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
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Barclays on U.S. Brokers, Asset Managers & Exchanges: Adjusting Estimates For The
Alternative Asset Managers
Analyst, Roger A. Freeman, said, "While BX reported on July 19, the majority of the alternative asset managers are expected to report results over the next few weeks. For those with meaningful private equity exposure, we adjust our estimates higher to reflect better than previously anticipated marks; in accordance with our estimate revisions, we are also "truing up" our valuation framework, raising price targets for APO, BX, CG and KKR and lowering slightly for OZM."
For OW-rated Apollo (NYSE: APO), PT raised from $19 to $21, FY12 EPS estimate raised from $2.34 to $2.89, FY13 from $2.85 to $2.91.
For OW-rated Blackstone Group (NYSE: BX), PT raised $1 to $16. FY12/13 EPS estimate maintained at $1.58/2.30.
For EW-rated Carlyle Group (NYSE: CG), PT raised from $23 to $26, FY12 EPS estimate raised from $1.69 to $2.32 and FY13 from $3.13 to $3.26.
For OW-rated KKR & Co (NYSE: KKR), PT raised $2 to $19, FY12 EPS estimate from $1.79 to $2.35 and FY13 from $2.14 to $2.22.
For OW-rated Och-Ziff Capital Management Group (NYSE: OZM), PT lowered from $17 to $16, FY12 lowered from $1.31 to $1.13 and FY13 from $1.52 to $1.48.
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Alternative Asset Managers
Analyst, Roger A. Freeman, said, "While BX reported on July 19, the majority of the alternative asset managers are expected to report results over the next few weeks. For those with meaningful private equity exposure, we adjust our estimates higher to reflect better than previously anticipated marks; in accordance with our estimate revisions, we are also "truing up" our valuation framework, raising price targets for APO, BX, CG and KKR and lowering slightly for OZM."
For OW-rated Apollo (NYSE: APO), PT raised from $19 to $21, FY12 EPS estimate raised from $2.34 to $2.89, FY13 from $2.85 to $2.91.
For OW-rated Blackstone Group (NYSE: BX), PT raised $1 to $16. FY12/13 EPS estimate maintained at $1.58/2.30.
For EW-rated Carlyle Group (NYSE: CG), PT raised from $23 to $26, FY12 EPS estimate raised from $1.69 to $2.32 and FY13 from $3.13 to $3.26.
For OW-rated KKR & Co (NYSE: KKR), PT raised $2 to $19, FY12 EPS estimate from $1.79 to $2.35 and FY13 from $2.14 to $2.22.
For OW-rated Och-Ziff Capital Management Group (NYSE: OZM), PT lowered from $17 to $16, FY12 lowered from $1.31 to $1.13 and FY13 from $1.52 to $1.48.
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