Ares Management price target raised to $120 from $110 at RBC Capital

RBC Capital raised the firm’s price target on Ares Management to $120 from $110 and keeps an Outperform rating on the shares after its Q2 earnings beat. The analyst sees continued fundraising momentum and believes that the outlook for fundraising in FY23 remains “strong”. RBC is also positive on Ares’s exposure to private credit and its ability to take advantage of market volatility.