Deutsche Bank Downgrades Medley Management (MDLY) to Hold
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Deutsche Bank downgraded Medley Management (NYSE: MDLY) from Buy to Hold with a price target of $10.50 (from $9.00). The downgrade was tied to valuation.
"Medley Management (MDLY) reported 3Q results that were slightly below our expectations, as core EPS of 14c missed our estimate by 2c while fee earning AUM declined 1.5% to $3.1 billion. We are trimming our 2016 estimate slightly but we are increasing our 2017 estimate given our revised AUM growth assumptions. As a result, we are increasing our target to $10.50 per share, which is based on 12x our 2017 core EPS estimate. However, given the valuation relative to our new target, we are lowering our rating to a Hold," said analyst Stephen Laws.
Shares of Medley Management closed at $10.40 yesterday.
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