Carlyle price target lowered to $39 from $55 at Citi

Citi lowered the firm’s price target on Carlyle (CG) to $39 from $55 and keeps a Neutral rating on the shares. The firm reduced estimates across the board in the broker and asset manager group to reflect a pushout of a capital markets recovery and lowered performance fee expectations. Citi moderated fundraising expectations, saying lower capital returns to limited partnerships could create incremental headwinds and further delay fundraising cycles.