Ares Management Receives a Buy from Oppenheimer

In a report released today, Allison M. Taylor from Oppenheimer maintained a Buy rating on Ares Management (NYSE: ARES), with a price target of $30. The company’s shares opened today at $21.75.

Taylor observed:

“While we’d characterize 1Q18’s quarterly earnings as essentially in line, what did exceed our expectations were the fundraising numbers for 1Q as well as for the quarters to come. ARES reported economic net income (ENI) of $0.37/share, a penny shy of our $0.38 estimate. Fund raising was excellent; $3.5B of the $6.9B raised in 1Q flowed into the direct lending business, $2B of which hit fee-paying AUM immediately. What hasn’t shown up yet are the funds raised for the third-generation European direct lending fund, which held its first €5B close; that’s 50% larger than the predecessor fund, which means 50% more fees. We continue to recommend the stock.”

According to TipRanks.com, Taylor is a 2-star analyst with an average return of 3.6% and a 87.5% success rate. Taylor covers the Financial sector, focusing on stocks such as Apollo Global Management LLC, Ares Capital Corp, and Carlyle Group.

Ares Management has an analyst consensus of Strong Buy, with a price target consensus of $28.50.

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The company has a one-year high of $25.95 and a one-year low of $17.25. Currently, Ares Management has an average volume of 507.7K.

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Ares Management LP is engaged in providing investment management and consultancy services. It operates through the following segments: Credit Group, Private Equity Group and Real Estate Group.