UPDATE: Nomura Raises PT to $27 on Carlyle Group on Solid Results
Nomura reiterated its Neutral rating on Carlyle Group (NASDAQ: CG) but raised its price target from $25 to $27.
Nomura said, “Pretty solid results across the board at Carlyle. Distributable earnings rose 10% to $209M, and ENI rose 8% to $219M, above the LTM quarterly average. Decent fundraising ($3.4B) and very strong investment pace ($1.6B) and exit activity ($5.1B) in 3Q12. During the quarter, Carlyle raised $3.4B of new capital, and management sounded upbeat on its fundraising prospects, citing uptick in investors‟ interest levels. However, we believe the fundraising environment will be very competitive, as several PE megafirms are or will be pitching new funds. That said, Carlyle does have $39B of dry powder to deploy and could generate handsome returns. We remain Neutral and recommend waiting for a better entry point."
Carlyle Group closed at $25.42 on Thursday.
Latest Ratings for CG
|May 2015||Deutsche Bank||Maintains||Buy|
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