Ares Management price target raised to $185 from $170 at RBC Capital

RBC Capital raised the firm’s price target on Ares Management (ARES) to $185 from $170 and keeps an Outperform rating on the shares after its Q3 results. The firm’s FRE- fee related earnings – margin expectations are being reset as it gains better appreciation of supplemental distribution fees and ongoing investments, though it has also gained more appreciation of potential resiliency in Ares’s fundraising momentum, the analyst tells investors in a research note.