Goldman Sachs Starts Ares Management, L.P. (ARES) at Neutral

Goldman Sachs initiated coverage on Ares Management, L.P. (NYSE: ARES) with a Neutral rating and a price target of $20.00.

Analyst Marc Irizarry said, "We initiate coverage of Ares Management (ARES) with a Neutral rating and $20 12-month price target (11% upside). Ares is a $74 bn global alternative asset manager specializing in credit-oriented investing. The firm has a long track record in bank loan and high yield products and a compelling direct lending platform (highlighted by business development company ARCC), which has been a reliable source of fees. However, valuation is mostly full and bakes in growth and fee stability attributes – while upside surprises in performance/distributions from credit funds look less likely. Our 2014/2015/2016 ENI forecasts are $1.64/$2.08/$2.52."

For an analyst ratings summary and ratings history on Ares Management, L.P. click here. For more ratings news on Ares Management, L.P. click here.

Shares of Ares Management, L.P. closed at $18.17 yesterday.

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