Citi analyst Christopher Allen upgraded Carlyle (CG) to Buy from Neutral with a price target of $65, up from $44. The firm upped estimates to reflect an improved fundraising outlook for Carlyle. It sees momentum for the company across credit, insurance, private wealth, and AlpInvest. Better capital markets should be a tailwind for private equity and Carlyle’s valuation discount is overdone, the analyst tells investors in a research note.
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