UPDATE: Citigroup Upgrades Carlyle Group to Buy on Relative Valuation

Citigroup upgraded Carlyle Group

from Neutral to Buy and raised the price target from $28.00 to $34.00. Citigroup said, "Upgrade reflects deeper analysis of relative valuation to both peers and implied multiple versus Traditionals as well as likely among best in-class yield potential. No question, CG, like most Alternatives, is off to a strong start in 2013, however, CG still screens inexpensively, in our view. We expect constructive strategic update in concert with 4Q earnings and further incremental organic growth opportunity following recent deals." Carlyle Group closed at $30.49 on Tuesday.