Oppenheimer analyst Chris Kotowski lowered the firm’s price target on Stepstone Group (STEP) to $104 from $105 and keeps an Outperform rating on the shares. The firm notes the company’s adjusted net income in Q3 of 65c per share widely beat Opco of 57c and consensus of 60c. The beat vs. Oppenheimer’s estimates was mainly driven by incentive fees of $207M vs. Opco estimate of $128M, contributing 8c of the beat.
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