GCM Grosvenor price target raised to $18 from $17 at Oppenheimer

Oppenheimer analyst Chris Kotowski raised the firm’s price target on GCM Grosvenor (GCMG) to $18 from $17 and keeps an Outperform rating on the shares following quarterly results. On the revenue front, the firm notes private markets were slightly lower than expected and absolute return strategies were right in line, with total management fees of $106.7M being relatively flat year-over-year and $1.2M lower than its $106.1M est. On the expense front, comp and benefits came in at $37.4M, at a 35% rate, as opposed to our 36.2% estimate. However, this was set off by G&A expenses, which came in at $23.5M, or $1.9M more than what the firm modeled.