BMO hikes Carlyle Group price target after better-than-expected earnings

31714 bmo hikes carlyle group price target after better than expected earnings

Carlyle Group Inc. CG, +0.34% shares rose 1.5% in premarket trades Friday as they recaptured some of their losses from the previous session, despite better-than-expected fourth-quarter results from the private equity firm. BMO Capital Markets reiterated its outperform rating on Carlyle Group on Friday and raised its price target to $71 a share from $68 a share. BMO also upped its earnings target for Carlyle Group by as much as 12%. “After another exceptional quarter and what we consider as conservative 2022E guidance, we view [the] share price underperformance (likely positioning-related) as a buying opportunity,” BMO analyst Rufus Hone said. He cited momentum in Carlyle’s global credit business, with a focus on potential acquisitions to boost fee-related earnings. On Thursday, Carlyle shares fell 7.8%. The stock is down 9.6% so far in 2022, compared to a drop of 6.1% by the S&P 500.

Source: Marketwatch

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