UPDATE: Jefferies Lowers PT on Fortress Investment Group to $5.75

Jefferies is out with its report today on Fortress Investment Group (NYSE: FIG), lowering its PT from $7 to $5.75.

In a note to clients, Jefferies writes, "Last week we spent time with the management of Fortress. Overall, the capital raising environment is improving and YtD investment performance is positive across all investment strategies. While trends at FIG are improving, we continue to view other firms in the alternative market (such as BX and OZM) as more attractive investment opportunities."

Jefferies maintains Hold on FIG.

Shares of FIG closed Friday at $5.12, up 1.79% from Thursday's close.