Blue Owl Capital price target raised to $25 from $23 at Piper Sandler

Piper Sandler raised the firm’s price target on Blue Owl Capital (OWL) to $25 from $23 and keeps an Overweight rating on the shares after Q3 results. Piper views the lower dividend guidance to be driven by factors the company can’t control including lower base rates and the forward curve, which negatively impacts Part I fees. Additionally, the firm anticipates the dividend guidance could prove conservative as lower rates should drive private equity deal activity in 2025, which is not contemplated in the outlook.