UPDATE: Keefe, Bruyette & Woods Downgrades Fortress Investment Group Following Selloff Last Week

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 $8.75 to $8.00. In the report, Keefe, Bruyette & Woods noted, “Following the sell-off last week, investors seem to be placing limited value on the liquid hedge fund (HF) business, and while we think the Credit and Castles businesses continue to perform well, we think the uncertainty over liquid HFs could remain an overhang. Considering the incremental uncertainty and adjustments to our DE forecasts and price target, we see better value in other alternative managers. In keeping with KBW's new relative ratings methodology, we believe a Market Perform rating is more appropriate.” Fortress Investment Group closed on Friday at $7.36.