As previously reported, TD Cowen downgraded GCM Grosvenor (GCMG) to Hold from Buy with a price target of $12.50, down from $13.50. The firm moves to the sidelines citing the combination of strong year-to-date price appreciation, a softer 2025 fee-related earnings, or FRE, outlook along with a “disappointing” 2024 outlook and reduced residual upside.
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