Goldman Sachs Upgrades Fortress Investment Group (FIG) to Buy, PE Undervalued

March 13, 2013 7:40 AM EDT
Get Alerts FIG Hot Sheet
Price: $5.11 +0.20%

Rating Summary:
    2 Buy, 6 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 21 | Down: 16 | New: 10
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Goldman Sachs upgraded Fortress Investment Group (NYSE: FIG) from Neutral to Buy with a price target of $8.50 (from $6.00).

The firm sees outperformance given: "1) PE business undervalued: We believe investors ascribe no value to legacy PE funds’ earnings potential ($10 bn NAV at 1.4X MOIC) and a repositioned PE business. 2) Credit Funds and Liquid Hedge Funds are performing well and should contribute strong flows and incentive income, and 3) FIG offers the best value among alternatives with the market implying a 0X performance fee multiple (vs. peers’ 4X average), despite improving fundamentals."

For an analyst ratings summary and ratings history on Fortress Investment Group click here. For more ratings news on Fortress Investment Group click here.

Shares of Fortress Investment Group closed at $6.70 yesterday.

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