Ares Management resumed with Hold from Buy at Deutsche Bank

Deutsche Bank analyst Brian Bedell downgraded Ares Management to Hold from Buy with a price target of $132, down from $176, after resuming coverage of the name. The primary driver of the downgrade is driven by the firm’s prior usage of an incorrect share count in its sum-of-the-parts valuation, whereby it formerly applied the Q1 weighted average class A share count of 199M shares to its per share calculations rather than using the fully diluted share count of 319M, which adjusts for the 62% public ownership of the Ares operating group, the analyst tells investors in a research note. The firm says that made the stock appear attractively valued, compared with its now revised view that the stock appears fairly valued at current .