UPDATE: J.P. Morgan Lowers PT on Och-Ziff Capital Management from $13 to $12
J.P. Morgan maintained an Overweight rating on Och-Ziff Capital Management (NYSE: OZM) and lowered its price target from $13 to $12.
J.P. Morgan wrote, “Och-Ziff reported 2Q EPS of $0.15, beating our and the street's expectations by $0.02 due primarily to strong top-line incentive fees of $18mm for the quarter. While the beat was in our opinion just geography, with incentive fees coming in 2Q12 rather than 4Q12, OZM was able to address the major issues plaguing the stock; 1) partner contracts/comp, 2) performance and 3) sales. With investor overhangs largely addressed, we think the stock is now poised to appreciate, with investors closer to capturing a meaningful dividend to be paid in mid-February based on 2012 returns. We maintain our Overweight rating.”
Och-Ziff Capital Management closed at $7.94 on Thursday.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.