UPDATE: Oppenheimer Raises PT to $9.50 on Fortress Investment Group after Outstanding Q4 Results
Oppenheimer maintained Fortress Investment Group (NYSE: FIG) with an Outperform rating and raised the price target from $8.50 to $9.50.
Oppenheimer said, "Fortress reported an outstanding 4Q12 with pre-tax istributable earnings (DE) of $0.20 per share vs. our $0.12 estimate. The beat came primarily on better than expected incentive income though base fee-related earnings (FRE) also came in slightly better at $0.07 vs. our $0.06E. The big part of the beat (see Exhibit 1) however, came from incentive fees of $114M vs. our $61M estimate. Importantly, while for most of the past few years, incentive income was solely dependent on the credit business, the liquid hedge fund business is now also a steady contributor."
Fortress Investment Group closed at $6.23 on Wednesday.
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