Wednesday, September 09, 2009

Fortress (NYSE:FIG): Upgraded to Overweight at Barclays; target to $9

Just a quick heads up,

Fortress Investment Group (NYSE:FIG) is upgraded to Overweight from Equal Weight while raising their target price to $9 (!) from $3.

- Firm notes the revised price target is based on 18x their 2010 EPS of $0.48, whereas their prior price target was based on 11x firm's previous 2009 EPS estimate of $0.27.

Notablecalls: Note this call is part of a larger Alternative Asset managers call but FIG kind of stands out with the upside.

I think FIG can go to $5 (or higher) following this call.

No comments: