Carlyle upgraded to Outperform from Peer Perform at Wolfe Research

Wolfe Research analyst Steven Chubak upgraded Carlyle (CG) to Outperform from Peer Perform with a $60 price target without a price target as part of a 2025 playbook for the brokers, asset managers, and exchanges. The firm is “getting selective as valuations look stretched.” After a “banner year” for financials, Wolfe is most positive on names with secular growth stories and exposure to “Trump tailwinds,” the analyst tells investors in a research note. Wolfe is “growing more confident” in the upside case for Carlyle, saying an improving private equity backdrop should drive accelerating realization activity and increased buybacks, supporting multiple convergence with peers.