Oppenheimer Upgrades Fortress Investment Group (FIG) to Outperform

November 5, 2012 6:38 AM EST Send to a Friend
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Price: $8.04 -0.86%

Rating Summary:
    2 Buy, 6 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 15 | Down: 38 | New: 13
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Oppenheimer upgraded Fortress Investment Group (NYSE: FIG) from Perform to Outperform with a price target of $7.50 following recent Q3 results.

The firm comments, "In 2009, Vanity Fair did Fortress the great honor of doing an extensive "Oh how the mighty have fallen" piece using terms like "arrogant showboats." It is easy to see why a reporter might think they were villains out of central casting: They took their company public near the market peak in 2007, loaded it up with $800M of debt, invested too much money at the peak and suffered nearly $10B in markdowns in 2008 leading to some $5.5B of outflows from the hedge funds. But while FIG still has some challenges, assets under management (AUM) have grown from $26B to $51B, the debt is gone, and the stock is cheap relative to our 2013 outlook."

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 $4.55 yesterday.

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