Stepstone Group price target lowered to $58 from $70 at BMO Capital

BMO Capital lowered the firm’s price target on Stepstone Group (STEP) to $58 from $70 and keeps an Outperform rating on the shares as part of a broader research note on Alternative Asset Manager names. Issues are piling up, with BDC redemptions, credit issues at Asset-Based Finance markets, AI-driven disruption weighing on performance, and market volatility now raising uncertainty around realizations, the analyst tells investors in a research note. Credit spreads are also widening and fraud allegations raise questions around underwriting and downside protection, the firm added.