J.P. Morgan Raises PT on Och-Ziff Capital Management to $20

J.P. Morgan is out with its report today on Och-Ziff Capital Management OZM, raising its PT from $18 to $20. In a note to clients, J.P. Morgan writes, "Och-Ziff reported 4Q10 EPS of $0.74, well exceeding the consensus, but missing our $0.76 based on higher than modeled compensation but lower than expected taxes. No matter how you look at it, 4Q10 was a great quarter for Och Ziff and 2010 was a good year. We reiterate our Overweight rating and see Och-Ziff as particularly interesting for yield-based investors on what we expect to be another large payout in 1Q. We raise our Dec-11 price target to $20/share from $18 based on higher estimates from a sum of the parts model. Our target implies a P/E of 9.8X our 2012 estimate of $2.05." Shares of OZM closed yesterday at $16.56.