BTIG analyst Benjamin Zucker initiated Ares Commercial with a Buy rating and a price target of $15 as part of his broader sector research note on Commercial Mortgage REITS. The analyst cites the company's valuation, having traded at a "significant discount" to peers over the past few years as a result of "inconsistent origination volumes and a balance sheet that was under-levered". Zucker is now more positive on the stock given the company's transparent business model, high quality, earnings stream, investment portfolio positioned to benefit from higher rates, and upgraded CEO leadership.