Fortress Price Target And Rating Reinstated By Macquarie (FIG)

Analysts Roger Smith and Campbell Anthony from Macquarie reinstated their stance on shares of Fortress Investment Group (NYSE: FIG). Their previous $6 price target is unchanged as well as their Neutral rating on the stock. This could be good news as Fortress has been getting a lot of negative press about its resort involved with the Winter Olympics.

Potential catalysts to lift FIG were noted to be 4Q earnings, net flows from the quarter, and the outcome of their high profile equity investments. They are looking for an after tax DEPS of $0.28 for 2009 and $0.08 on the quarter. FIG reports earnings tomorrow so I would keep your eyes on the DEPS numbers. Exceeding those expectations could yield a pop to the upside.

The analysts stated, "Investors should continue to focus on alternative business. We expect the primary focus during the fourth quarter will be 1) the expansion into the traditional asset management business, 2) the state of Intrawest, 3) alternative flows, and 4) capital. At this point, we believe the company will present a positive story but expect that concerns around flows and the alternative business will remain with investors."