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In a report published Thursday, Citigroup analyst William R. Katz upgraded the rating on
The Carlyle GroupCG from Neutral to Buy, and raised the price target from $34.50 to $40.00.
In the report, Citigroup noted, “We upgrade our investment opinion to Buy from Neutral, lift our 12-month SOTP/DEDM price target $5.50 to $40, and trim our 2014-15 ENI estimates (and introduce '16) following the 4Q13 ENI beat and subsequent conference call. The upgrade follows: 1) an improvement in distribution visibility; 2) our deep dive into the favorable fundamentals for Alternatives; and, 3) analysis of relative valuation to both peers and implied multiple versus Traditionals.”
The Carlyle Group LP closed on Wednesday at $35.00.
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