Citi cuts TPG target, opens ‘downside’ short-term view

Citi lowered the firm’s price target on TPG (TPG) to $56 from $72 and keeps a Buy rating on the shares. The firm also added a “downside 90-day short-term view” on the shares. Citi sees near-term pressure on the shares as perception increases that the fundraising outlook could become more challenged as limited partnership demand diminishes. The analyst believes expectations for TPG’s Impact franchise specifically likely need to be reset lower under the current administration. This report clarifies Citi’s short-term view on TPG to “downside” from a “negative catalyst watch.”