Ares Management price target lowered to $187 from $215 at Wells Fargo

Wells Fargo lowered the firm’s price target on Ares Management (ARES) to $187 from $215 and keeps an Overweight rating on the shares. The firm sees greatest impact for episodic fee streams from macro and cap markets uncertainty, but long-term outlook remains upbeat, and valuations are more attractive after year-to-date underperformance.