GCM Grosvenor price target raised to $11.50 from $10.50 at Piper Sandler

Piper Sandler raised the firm’s price target on GCM Grosvenor to $11.50 from $10.50 and keeps a Neutral rating on the shares. The firm notes that in recent months, alternative asset managers have outperformed financials and the broader markets leading up to and through the start of the Fed rate cutting cycle. This should spur more deal activity, but Piper says it has yet to see a significant pickup as realizations remain low. While the firm still has a bullish stance on alternatives for the long term, it believes some of the expected good news has been priced into stocks.