BofA lowered the firm's price target on Ares Management to $142 from $148 and keeps a Buy rating on the shares. The quarterly earnings miss was driven by lower-than-expected fee related performance revenues, but Ares beat on fundraising and deployments, the analyst tells investors in a research note. The firm added that on its quarterly call, management commented that institutional investor demand is consistent, with some looking to capitalize and not reallocate away from private credit.
