GCM Grosvenor downgraded to Hold at TD Cowen on softer 2025 outlook
The Fly

GCM Grosvenor downgraded to Hold at TD Cowen on softer 2025 outlook

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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