UPDATE: Keefe, Bruyette & Woods Downgrades Oaktree Capital Group LLC to Market Perform, Lowers PT as Realizations are Expected to Slow

In a report published Monday, Keefe, Bruyette & Woods analyst Robert Lee downgraded the rating on

from Outperform to Market Perform, and lowered the price target from $64.00 to $60.00. In the report, Keefe, Bruyette & Woods noted, “The beat was driven by higher net incentives as management fees were below forecast. Capital formation was positive and OAK declared a distribution of $0.98 vs. our $0.73 forecast. Lowering ANI estimates and PT. Change rating to Market Perform from Outperform.” Oaktree Capital Group LLC closed on Friday at $52.35.