UPDATE: Barclays Upgrades Ares Capital (ARCC) to Equalweight; Valuation Relatively Cheap

(Updated - May 14, 2012 2:31 PM EDT)

Barclays upgraded Ares Capital (NASDAQ: ARCC) from Underweight to Equalweight. PT $16.

Analyst, Kannan Venkateshwar, said, "We have been Underweight ARCC on account of its valuation, despite its industry-leading position. However, since the company's Q1'12, the company's equity has underperformed the rest of the sector and we find the valuation to be cheap to slightly fair at present..."

Barclays adjusts FY12 EPS estimate from $1.63 to $1.61 and FY13 from $1.66 to $1.62.

For an analyst ratings summary and ratings history on Ares Capital click here. For more ratings news on Ares Capital click here.

Shares of Ares Capital closed at $15.55 yesterday.

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