Oppenheimer lowered the firm’s price target on P10 to $11 from $17 and keeps an Outperform rating on the shares following quarterly results. Guidance for 2024 was roughly 5% FPAUM growth in the year ahead, and a lowering of the EBITDA margin guidance from the 51%-52% range to the “mid 40s,” the firm notes. Package this with some controversy related to a company called Crossroads, and the shares were off 16% on earnings day, Oppenheimer adds.
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