Stepstone Group price target lowered to $48 from $69 at Barclays

Barclays analyst Benjamin Budish lowered the firm’s price target on Stepstone Group (STEP) to $48 from $69 and keeps an Equal Weight rating on the shares as part of a Q1 preview for the brokers, asset managers and exchanges. With volatility “in full swing,” mergers and initial public offering pipelines are likely to see further delays, the analyst tells investors in a research note. The firm says that while trading activity was generally robust despite a slowdown in crypto, brokers “now face a more intense headwind from a lower in-period Fed funds and futures curve.”