Citi is affirming its Buy rating and $21 PT on shares of Och-Ziff Capital Management OZM following the conference keynote.
“Three key positives emerged from CEO Mr. Dan Och's keynote presentation on Day 2 of the 14th annual Citi Financial Services Conference,” Citi writes. “First, favorable upcycle for alternatives is underway. Second, OZM well positioned to take share as manager of choice. Third, OZM's model is scalable and provides strong payout to investors.
“Also, management gave new disclosure on the validity and repeatability of the model which should address investors' implicit concerns. Affirm Buy rating, $21 12-month price target, top S/C pick, TPL S/C selection. We see the stock increasingly defensive to market correction yet offensive as flows accelerate.”
Och-Ziff Capital closed Thursday at $15.90.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.