S&P RAISES OPINION ON SHARES OF FORTRESS INVESTMENT GROUP TO BUY FROM HOLD
S&P RAISES OPINION ON SHARES OF FORTRESS INVESTMENT GROUP TO BUY FROM HOLDFont size: A | A | Aundefined undefined | S&P Marketscope RELATED QUOTES
10:56 AM ET 5/14/09 Symbol Last % Chg FIG 4.92 -8.55% Real time quote.
SNPMarketScopeResearchNotes2009-05-14 10:30:49.000FIGFORTRESS INVESTMENT GRP'A'M.AlbrechtS&P RAISES OPINION ON SHARES OF FORTRESS INVESTMENT GROUP TO BUY FROM HOLDFIG plans to raise up to $144 million through a public offering of common shares. Some of the proceeds will be utilized to repay indebtedness, which totaled $604 million at Mar-Q end, and the remainder for general purposes, which may include investments in its own funds. FIG principals intend to purchase up to $25 million in shares from the offering, which we view as positive. We are trimming our target price by $1.50 to $7, but raising our recommendation to buy, since we believe FIG offers an attractive play on government investment programs, as well as an improved outlook.| US;FIG|122390|6675459