ARES stock has surged about 16.5% following strong double-digit growth in Fundraising and Revenue Equivalent (FRE) of around 20%, with assets under management (AUM) reaching $671 billion and fee-paying AUM (FPAUM) at $410 billion. The infrastructure segment leads growth with a 30% year-over-year increase, supported by AI and power infrastructure trends. Despite valuation rising to nearly 24 times forward P/E, limiting upside to low double digits, ARES remains attractive if growth continues. The analyst has downgraded the rating to a buy from strong buy, reflecting moderated but positive outlook.
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