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Carlyle price target raised to $80 from $75 at TD Cowen

TD Cowen raised the firm’s price target on Carlyle (CG) to $80 from $75 and keeps a Buy rating on the shares. The firm thinks Q2 represents another favorable narrative shift that is likely to result in further multiple expansion – both absolute and relative to peers. TD Cowen lifts its already Street-high 12M price target $5 to $80. TD Cowen expects dialogue to shift from “PE dilutive” risk to price to earnings accretive upside, with significant model torque to improving capital markets and diversifying earnings/valuation drivers.

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