UPDATE: Deutsche Bank Initiates Coverage on Medley Management with Buy Rating, $19 PT on Attractive Market Opportunity

In a report published Monday, Deutsche Bank analyst Stephen Laws initiated coverage on

with a Buy rating and $19.00 price target. In the report, Deutsche Bank noted, “We are initiating coverage of Medley Management with a Buy rating. MDLY manages permanent capital vehicles and private funds and generates income from base management fees, incentive fees, and performance fees. We expect earnings to grow as MDLY increases AUM and benefits from an attractive market opportunity to make new investments. We are establishing a target of $19 per share, which is based on 12x our 2015 core earnings estimate.” Medley Management closed on Friday at $15.50.