Ares Management Corp (NYSE:ARES) reported in-line earnings for the second quarter on Friday.
The company posted quarterly earnings of $1.29 per share which met the analyst consensus estimate. The company reported quarterly sales of $1.018 billion which missed the analyst consensus estimate of $1.200 billion.
“We generated strong second-quarter results, including another record quarter of fundraising with more than $36 billion of inflows as our clients continue to reward us due to our strong and consistent fund performance across our strategies,” said Michael Arougheti, Chief Executive Officer of Ares. “Our diverse global origination platform enabled us to remain active investing in attractive opportunities across the platform in a slower transaction environment and we are now seeing a meaningful pickup in our firmwide investment pipeline.”
Ares Management shares gained 5.5% to trade at $135.10 on Monday.
These analysts made changes to their price targets on Ares Management following earnings announcement.
- BMO Capital analyst Brennan Hawken maintained the stock with a Market Perform and raised the price target from $128 to $134.
- Oppenheimer analyst Chris Kotowski maintained the stock with an Outperform rating and raised the price target from $140 to $151.
- RBC Capital analyst Bart Dziarski maintained the stock with an Outperform rating and raised the price target from $162 to $168.
- JP Morgan analyst Kenneth Worthington maintained the stock with an Overweight rating and boosted the price target from $143 to $153.
Considering buying ARES stock? Here’s what analysts think:
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