GCM Grosvenor price target lowered to $17 from $24 at Oppenheimer

Oppenheimer lowered the firm’s price target on GCM Grosvenor (GCMG) to $17 from $24 and keeps an Outperform rating on the shares. The firm adjusted targets in the alternative asset momager group as a part of a Q1 preview. The firm attributes the recent correction in the stocks to concern about private credit. “The credit bears have not really shown us any actual evidence of serious credit deterioration,” the analyst tells investors in a research note. Opco would use the current weakness to add to positions in its Outperform rated names.