UPDATE: J.P. Morgan Reiterates Overweight Rating, Raises PT on The Carlyle Group

In a report published Friday, J.P. Morgan & Co. reiterated its Overweight rating on The Carlyle Group

, and slightly raised its price target from $29.00 to $29.50. J.P. Morgan noted, “We continue to like Carlyle. Ultimately, we think Carlyle will continue to demonstrate strong results in terms of both realizations and investments, to a degree we are not seeing at peers. Although there are a number of potential drivers of this better activity including accommodative equity and lending markets, should Carlyle's success be ultimately driven by broader product and geographic diversity making the better activity levels less volatile, we think that Carlyle could see more stable earnings and a higher valuation. While one very good quarter and two good quarters is not multiple expanding, they are good steps. We believe that market conditions are very good for Carlyle, enabling the company to both invest and realize. It is fundraising in its biggest funds, which should be helped by bigger distributions from Carlyle and other funds. While, ultimately, success here drives growth, Carlyle continues to look at lift-outs and acquisitions. Given its very strong distribution, we think there continues to be opportunities to acquire great performing product that has been starved for assets by poor market conditions.” The Carlyle Group closed on Thursday at $26.20.