Analysts at Credit Suisse downgraded Fortress Investment Group LLC FIG by lowering their rating from Outperform to Neutral and setting a $9 price target. Fortress Investment Group is a diversified global investment management company based in New York.
Fortress’ last earnings report in October was a mixed bag of news for shareholders. The company beat revenue expectations by generating $404 million for the quarter. However, Fortress fell short of consensus earnings expectations by posting earnings per share of $0.12 versus consensus estimates of $0.16 per share. The company’s Q4 numbers are expected to be out at the end of February.
Potential Upside
Fortress stock was recently down 2.25 percent at $7.83. Credit Suisse’s $9 price target represents a 15.4 percent upside for the stock from current levels. Over the past year, Fortress stock has disappointed shareholders by falling about 9 percent.
Credit Suisse analysts are not the only ones to weigh in on Fortress lately. Back in November, Zacks Downgraded Fortress from Neutral to Underperform and set a $7.00 price target.
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