Blue Owl Capital initiated with an Outperform at BMO Capital

BMO Capital initiated coverage of Blue Owl Capital (OWL) with an Outperform rating and $18 price target The firm has concerns about the environmental headwinds facing credit-oriented managers, but Blue Owl’s multiple has compressed 7x turns year-to-date, reflecting those risks. The company’s combination of a perpetual assets under management base, robust wealth management distribution, and fee-related earnings-dense earnings is attractive, the analyst tells investors in a research note.