Wells Fargo contributes to his prospects at Ares Management Corporation (Ares) and reportedly issues a bullish prediction for the $ 52 billion global alternative investment manager.
Wells Fargo analyst Michael Brown is elevation Ares’ price target from $ 182 to $ 189, while an overweight rating repeats, reports Insider Monkey.
Brown says that the continuous performance of the company and the future prospects remain strong.
Ares Management reported $ 1.04 billion in the first quarter of the year, an increase of 38.21%.
The company is also well positioned to perform well despite the market volatility caused by the rates of US President Donald Trump and other geopolitical events, which have led to a decrease in liquid credit and stock markets as a result of traditional capital providers that shift to risk-off positions, according to the report.
Ares fell to a low of around $ 110 on 4 April, but has since risen around 48% since then.
According to the analysis, the business model of Ares enables them to prevent them from selling assets in the midst of market insecurity because of “the management-oriented approach, low balance lever and dependence on long-term and locked capital of third parties.”
More than 72% of the total assets of Ares are in credit -related products.
Also in the first quarter of the year, Ares raised more than $ 20 billion in gross new capital obligations, the highest Q1 fundraising of the company.
Ares acts for $ 164.60 at the time of writing, an increase of more than 2% in the last 24 hours.
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