Ares Commercial price target lowered to $10.50 from $13.50 at Raymond James

Raymond James analyst Stephen Laws lowered the firm’s price target on Ares Commercial to $10.50 from $13.50 and keeps an Outperform rating on the shares. Q1 NII and distributable earnings were slightly below the firm’s estimates while a larger than expected reserve build resulted in a GAAP earnings miss and a ~4% book value decline, the analyst tells investors in a research note.