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Ladenburg Thalmann downgraded Medley Management Inc (NYSE: MDLY) to Neutral from Buy on valuation. However, the brokerage raised its price target by $1.50 to $7.50, implying a potential return of 4 percent.
Medley reported Q2 core EPS of $0.14, which missed Ladenburg forecast/consensus of $0.16 on higher compensation and G&A expenses. Higher fee income, driven by robust leveraged loan market, mitigated declines in private funds and SMAs.
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The company total AUM (committed funds) at the end of second quarter remained at $5.0 billion versus $3.2 billion invested.
"MDLY has been a strong performer since mid-1Q16 as the leveraged loan market has rebounded within a stronger credit environment," analyst Mickey Schleien wrote in a note.
However, the brokerage cut its 2016 core EPS forecast to $0.59 from $0.63 to reflect this quarter's miss, reduced FAUM growth assumptions, and higher forecast expenses. It also set a 2017 core EPS forecast of $0.69 (consensus is $0.72).
At time of writing, shares of Medley were down 0.50 percent to $7.94.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.