Och-Ziff Capital pullback looks overdone, says Citigroup
Citigroup views yesterday's pullback in shares of Och-Ziff Capital after the Wall Street Journal noted the SEC and Justice Department are investigating the company's loans made for African oil and mining deals as overdone. Citi notes the sell-off lowered Och-Ziff's market capitalization by $600M despite $225M of loans that were subsequently re-paid. Citi sees see little economic impact from the investigations and keeps a Buy rating on the stock with a $17.50 price target.
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Och-Ziff Capital pullback looks overdone, says Citigroup
Citigroup views yesterday's pullback in shares of Och-Ziff Capital after the Wall Street Journal noted the SEC and Justice Department are investigating the company's loans made for African oil and mining deals as overdone. Citi notes the sell-off lowered Och-Ziff's market capitalization by $600M despite $225M of loans that were subsequently re-paid. Citi sees see little economic impact from the investigations and keeps a Buy rating on the stock with a $17.50 price target.
In March, Och-Ziff Capital disclosed that the SEC and Justice Department were investigating the firm due to Foreign Corrupt Practices Act and related laws, and that the probe centered on some of its funds investments in companies in Africa, says the Wall Street Journal. According to documents reviewed by the Wall Street Journal, Och-Ziff made loans to companies controlled by controversial mining executive Dan Gertler that helped finance two of Gertler's ventures in the Democratic Republic of Congo, added the Wall Street Journal. Reference Link
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