As previously reported, Wells Fargo analyst Michael Brown upgraded Ares Management (ARES) to Overweight from Equal Weight with a price target of $212, up from $176. The firm sees the stock’s recent underperformance as an attractive opportunity to initiate or add to a position in a premier player in the vibrant alt manager space. At first blush, the valuation may screen high, but given the growth profile, Wells sees current levels as reasonable.
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