Ares Capital price target raised to $24 from $23 at Compass Point

Compass Point raised the firm’s price target on Ares Capital (ARCC) to $24 from $23 and keeps a Buy rating on the shares. The firm is increasing its multiple assumption to reflect Ares’ multi-cycle above-average performance and substantial origination capacity, despite market fears of yield compression, calling Ares “a blue-chip of the BDC peer group.”