RBC Capital analyst Kenneth Lee lowered the firm's price target on Ares Capital to $21 from $22 and keeps an Outperform rating on the shares after its Q1 results. Market volatility is driving price discovery and reset phase, with the management seeing more attractive terms and pricing on recent deals, the analyst tells investors in a research note. RBC adds that it continues to favor Ares's strong track record of managing risks through the cycle.
