Keefe Bruyette downgraded Ares Management to Market Perform from Outperform with a price target of $98, down from $99. Ares is favorably positioned for current market conditions with “robust” fundraising and healthy deployment, the analyst tells investors in a research note. However, this is well recognized by the market with the shares up 39% year-to-date, says the firm. It believes the company will have a tough time outperforming peers over the near term given limited upside to estimates and the stock’s premium multiple.
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