-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下：我们认为股价疲软是买入良机，因为ARES在私募信贷、实物资产和私募股权市场均拥有强大的业务实力。我们认为，公开股票市场对ARES这类公司能否继续为其投资基金带来高回报的担忧存在误解。因此，我们维持160美元的目标价，预期市盈率为26.2倍，低于三年历史平均市盈率30.0倍和五年平均市盈率27.0倍。我们将2026年每股收益预期下调0.30美元至6.10美元，2027年每股收益预期下调0.40美元至7.40美元，我们之前的预期远高于市场普遍预期。关于公众对人工智能可能对软件公司造成负面影响的担忧，ARES表示，其总资产管理规模中只有5%-6%与软件相关，数字基础设施仅占2%，影响不大。据称违约风险低于1%。股息收益率为4.6%，这得益于业务增长强劲、资金流入旺盛以及资产管理规模（AUM）的持续增长。我们认为，伊朗-美国战争确实对基金中私募股权投资的变现构成风险。
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