Stepstone Group price target lowered to $51 from $66 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Stepstone Group (STEP) to $51 from $66 and keeps an Equal Weight rating on the shares. The firm reduced price targets by 24% on average across the alternative asset manager group on 10% lower FY26 EPS forecasts on average as well as lower P/E multiples given the view that “sluggish” capital markets raise risks to the “private markets flywheel.”