UPDATE: Jefferies & Company Reiterates Hold Rating, Raises PT on Fortress Investment Group
In a report published Monday, Jefferies & Company reiterated its Hold rating on Fortress Investment Group (NYSE: FIG), and slightly raised its price target from $4.25 to $5.00.
Jefferies noted, “FIG reported 3Q12 pre-tax DE of $0.12, in line with our estimate and consensus. FIG continues to raise money across a handful of strategies and the performance fee outlook is improving. Notably, redemptions are also moderating across the liquid and credit hedge fund strategies. However, we remain Hold rated until there is a clearer path to more consistent performance fee generation.”
Fortress Investment Group closed on Friday at $4.55.
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