UBS Assumes Ares Management, L.P. (ARES) at Neutral

UBS analyst Michael Brown assumes coverage on Ares Management, L.P. (NYSE: ARES) with a Neutral rating and a price target of $201.00.

The analyst comments: "After recent multiple expansion following ARES' inclusion into the S&P 500 index and strong 3Q25 results, we believe its differentiated platform and growth engines are adequately captured in ARES valuation. We expect ARES can reach the high end of its 2028 targets, with a 21% FRE CAGR ('25E-'28E) above VA consensus at 19%. Growth should be driven by fundraising, increased deployment of fee-paying AUM, and performance fees. New growth engines include: alternative credit, asset-based finance, and the GCP acquisition. Rate cuts pose a headwind: 100bps = $20M FRE / 110bps FRE growth impact, partly offset by origination fees. All-in, our '27E FRE/Realized Inc. estimates are only marginally above street (1%/1% above, resp.) on higher mgmt fees, tempered by lower FRPR/Perf. fees."

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 $178.28 yesterday.

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