ARGUS Initiates Coverage on Fortress Investment Group (FIG) with a Buy, But Rates BX and OZM as Top Picks
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ARGUS initiates coverage on Fortress Investment Group LLC (NYSE: FIG) with a Buy. Price target $12.
ARGUS analyst says, "Our new coverage reflects our view that the recent sell-off in the alternative asset management space offers attractive opportunities to invest in an industry undergoing a secular boom. In 2007, several alternative asset managers went public, including Fortress in February, Blackstone (NYSE: BX:) in June, and Och-Ziff (NYSE: OZM) and GLG Partners (NYSE: GLG) in November. These offerings generated tremendous excitement, as investors looked to buy into companies whose performance had been little short of amazing...In essence, we believe that the year-long sell-off has been excessive and that alternative asset management shares are at or near bottom. With the exception of GLG (which has suffered losses both of key staff and assets under management), we expect the shares of alternative asset managers to rebound in the near future. In this space, we rate BX and OZM as our top picks."
(ARGUS rates BX and OZM with 'Buy' rating, GLG with a 'Hold')
Fortress Investment Group LLC (Fortress) is a global alternative asset manager that raises, invests and manages private equity funds, hedge funds and publicly traded alternative investment vehicles. [SM]
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Comments
Fortress, BX and OZM
The recent highly publicized compensation package given to FIG's new head trader is of great concern and is an indication that management will fail to perform for shareholders long term. BX and OZM are the alternative asset managers I own and recommend for the long term.
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bx
tr6tpdwn on Aug 28, 2008 10:34 PMthe buyers of bad news just haave to wait some to get paid the distribution pays till end 09!