UPDATE: KBW Raises PT on Ares Capital Corp to $18 (ARCC)

KBW is out with its report today on Ares Capital Corp (NASDAQ: ARCC), raising its price target from $17.50 to $18.

In its report sent to clients, KBW writes, "Following Ares Capital's earnings results, we are modestly raising our 2011 Core EPS estimate to $1.44 (from $1.42), and introducing our 2012 Core EPS estimate of $1.64. We are also raising our price target to $18 from $17.50, but maintaining our Market Perform rating."

Shares of ARCC closed Tuesday at $17.59.