Ares Management price target lowered to $158 from $168 at TD Cowen

TD Cowen lowered the firm’s price target on Ares Management to $158 from $168 and keeps a Buy rating on the shares. Heading into the Q2 reports, the firm curbed targets moderately for the alternative asset managers. For the traditional asset managers, TD generally raised its outlook, mostly due to above trend equities returns in Q2 and related model gearing.