UPDATE: JP Morgan Upgrades Carlyle Group to Overweight on Fundamentals

JP Morgan raised its rating on Carlyle Group

from Not Rated to Overweight with a $29.50 price target. JP Morgan said, "Fundamentals are good at Carlyle as market conditions are presenting opportunities to both invest and harvest, in a way we are not seeing for other PE firms. We think the results over the last three quarters and particularly in 3Q12 are showing the benefits of a diversified model, with Carlyle leveraging its diversified product offering and geographic presence through a greater rate of investment, fundraising and realization. The results could lead to greater, more stable earnings and a higher valuation." Carlyle Group closed at $25.76 on Tuesday.