Ares Management initiated with a Buy at TD Cowen

TD Cowen initiated coverage of Ares Management with a Buy rating and $154 price target. The analyst views Ares as a “high-execution” alternative asset manager with attractive model compounding and multiple value creation pathways. The firm expects a bullish investor day on May 21 will likely bridge the stock’s valuation beyond 2025. The company is differentiated play on the global fixed income replacement and retail democratization themes, the analyst tells investors in a research note.