On August 14, Ares Management LP rose 5.09% in regular trading, trading at $149.765/share, with turnover of $293 million. The stock benefited from a broad rally across the alternative asset management sector combined with multiple analyst target price upgrades.

The alternative asset management sector saw collective strength, with peers KKR rising 4.93%, Blue Owl Capital up 6.13%, and Blackstone gaining 2.6%. On the catalyst front, Jefferies recently raised its price target on Ares Management LP to $144 from $124, maintaining a Hold rating, while Goldman Sachs lifted its target to $145 from $139 with a Buy rating. At least six brokerages collectively raised targets following the company's Q2 results.

The Q2 report showed adjusted EPS of $1.29, in line with consensus and up 25.24% year-over-year. Revenue reached $1.43 billion, beating estimates by 12.7% and rising 5.9% year-over-year. Additionally, the company is exploring a potential acquisition of private equity firm Leonard Green & Partners to expand its private equity business, providing further valuation support through strategic expansion expectations.

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