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UPDATE: Goldman Sachs Reiterates Buy Rating, Raises PT on Oaktree Capital Group

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In a report published Wednesday, Goldman Sachs Group reiterated its Buy rating on Oaktree Capital Group LLC (NYSE: OAK), and raised its price target from $55.00 to $58.00.

Goldman Sachs noted, “OAK announced a $1.26 bn distribution to investors in Opportunities Fund VIIb. Following this distribution, investors would have received their capital and preferred return, implying OAK can now recognize incentive income with incremental distributions in the fund beginning in 1Q13. As per OAK's European-style waterfall, following the $1.26 bn distribution, OAK is entitled to 80% of each incremental distribution until the firm has ‘caught up' or recognized its portion of incentive income, or 20% of the total gain since inception. The company also announced a tax-related incentive distribution is expected to be paid in 4Q12 (amount not yet known). We revise our 2013/14 ANI estimates to $5.38/$5.38 from $5.25/$5.50 on accelerated incentive income recognition.”

Oaktree Capital Group LLC closed on Tuesday at $44.26.

Latest Ratings for OAK

DateFirmActionFromTo
Mar 2015Deutsche BankMaintainsBuy
Feb 2015BarclaysMaintainsEqual-weight
Jan 2015Keefe Bruyette & WoodsMaintainsOutperform

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Posted-In: Goldman Sachs GroupAnalyst Color Price Target Analyst Ratings

 

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