UPDATE: Credit Suisse Initiates Oaktree Capital Group with Neutral, $45 PT; Strong Secular Growth
Credit Suisse initiates its coverage on Oaktree Capital Group (NYSE: OAK) with a Neutral rating and a price target of $45.
Credit Suisse notes, "A scale player in alternative investing with a leading footprint in credit. We view Oaktree as a solid play on strong secular growth in the alternative investment industry and specifically credit investing given growth in the underlying market, client appetite for yield in a near-zero rate environment and lower risk characteristics. Oaktree's investment approach emphasizes downside risk protection. Over time, this strategy has led to significant outperformance-since its founding, Oaktree has delivered a 19% gross IRR."
OAK closed at $36.80 on Monday.
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Tags: Credit Suisse