Morgan Stanley analyst Michael Cyprys raised the firm’s price target on Ares Management to $162 from $136 and keeps an Equal Weight rating on the shares. The recovery of capital markets is on track and is set to re-accelerate the private markets flywheel, the analyst tells investors. While the conversion of deal pipelines is taking longer than expected due to softer exit activity driving Q3 estimate cuts, the firm is looking for management commentary and forward look to support the stocks.
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