BMO Capital analyst Rufus Hone downgraded Ares Management to Market Perform from Outperform with an unchanged price target of $93. The company’s "strong" fundraising pipeline and premium management fee growth are now fairly reflected in the valuation multiple, Hone tells investors in a research note. The analyst continues to view Ares as one of the best positioned alternative asset managers for the current market backdrop, but he now sees greater relative value elsewhere.
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Published first on TheFly
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