Keefe Bruyette upgraded Ares Management (ARES) to Outperform from Market Perform with a price target of $202, up from $166. The firm expects the overall economic backdrop to remain resilient and credit to remain relatively benign in 2025. The recent shift in the yield curve will be enough to derail a return of merger activity in 2025, says Keefe, which continues to expect a sharp rebound in M&A volumes. This should help drive better net deployment trends for Ares in 2025, the analyst tells investors in a research note.
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