BofA lowered the firm’s price target on TPG to $31 from $32 and keeps a Buy rating on the shares. In its earnings preview for the alternative asset managers, the firm notes that Q3 financial results were impacted by several headwinds that include negative markets, rising defaults and restructurings, higher interest rates, offset by positives that include realizations, investing, retail flows and improving trends. Ahead of Q3 reports, the firm adjusts its estimates and reduced its price targets for “most Alts” it covers.
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Read More on TPG:
- TPG names Anilu Vazquez-Ubarri as COO, succeeding Ken Murphy
- TPG names Flavio Porciani partner to lead European software, enterprise tech
- A-Gas, KKR sell majority stake to TPG Rise Climate
- TPG price target lowered to $33 from $36 at Deutsche Bank
- TPG reports Q2 distributable EPS 26c, consensus 34c
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