Piper Sandler upgraded GCM Grosvenor (GCMG) to Overweight from Neutral with a price target of $14, up from $12.50. There has been a “noticeable shift in sentiment” in the alternatives space in recent months and Piper does not believe the discounted valuation that GCM Grosvenor is trading at is warranted, the analyst tells investors in a research note. The firm expects momentum in fundraising, growth in direct oriented investments, and a pickup in deal activity to drive carried interest and performance revenues for GCM. The Federal Reserve rate cutting cycle, less regulation, a pro-growth and pro-business administration, and pent-up demand are all areas that could lead to a pickup in transactions which is positive for GCM, contends the firm.
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