-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師總結如下：我們認為股價疲軟是買入良機，因為ARES在私募信貸、實體資產和私募股權市場均擁有強大的業務實力。我們認為，公開股票市場對ARES這類公司能否繼續為其投資基金帶來高回報的擔憂存在誤解。因此，我們維持160美元的目標價，預期本益比為26.2倍，低於三年歷史平均本益比30.0倍和五年平均本益比27.0倍。我們將2026年每股收益預期下調0.30美元至6.10美元，2027年每股收益預期下調0.40美元至7.40美元，我們先前的預期遠高於市場普遍預期。關於民眾對人工智慧可能對軟體公司造成負面影響的擔憂，ARES表示，其總資產管理規模中只有5%-6%與軟體相關，數位基礎設施僅佔2%，影響不大。據稱違約風險低於1%。股息殖利率為4.6%，這得益於業務成長強勁、資金流入旺盛以及資產管理規模（AUM）的持續成長。我們認為，伊朗-美國戰爭確實對基金中私募股權投資的變現構成風險。
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