BofA raised the firm’s price target on Ares Management to $122 from $106 and keeps a Buy rating on the shares. In its earnings preview for the alternative asset managers, the firm notes that Q3 financial results were impacted by several headwinds that include negative markets, rising defaults and restructurings, higher interest rates, offset by positives that include realizations, investing, retail flows and improving trends. Ahead of Q3 reports, the firm adjusts its estimates and reduced its price targets for “most Alts” it covers.
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