TPG downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded TPG (TPG) to Equal Weight from Overweight with a price target of $47, down from $80. The firm says “sluggish” capital markets raise risks to private markets “flywheel.” It sees risks to deployment, realizations, portfolios, and fundraising that weigh on companies’ earnings outlooks. The analyst cites TPG’s higher relative exposure to private equity and near-term risks for upcoming flagship campaigns for the downgrade.