Hamilton Lane downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs downgraded Hamilton Lane (HLNE) to Sell from Neutral with a $139 price target The firm thinks Hamilton remains well positioned to benefit from the expansion of private markets, but says its sales management fee growth is likely to moderate amid rising competition in the retail channel, weighing on overall growth relative to the last few years. Downside to Street estimates and slower growth “are out of sync” with the stock’s multiple, the analyst tells investors in a research note.