Credit Suisse Reinstates Ares Management, L.P. (ARES) at Neutral
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Credit Suisse analyst Craig Siegenthaler reinstates coverage on Ares Management, L.P. (NYSE: ARES) with a Neutral rating and a price target of $54.00.
The analyst comments "We are reinitiating research coverage of Ares Management with a Neutral rating, 2021/22 realized income/EPS estimates of $2.26/$2.47 and a $54 12-mo target price which is derived from our 2-part valuation framework. ARES has one of the most attractive long-term growth trajectories in the private markets vertical due to its sizable fundraising pipeline and its $37B shadow AuM balance ($400M+ of mgmt. fees will turn on when capital invested). ARES is directly benefiting from (i) the global investor reallocation to illiquid alternative segments and (2) the consolidation of general partner relationships."
Shares of Ares Management, L.P. closed at $50.71 yesterday.
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