Piper Sandler assumed coverage of Blue Owl Capital with an Overweight rating and $18 price target. The firm notes Blue Owl is a private credit focused alternative asset manager, which is seeing tailwinds as rates rise and credit quality remains benign. Piper also sees an attractive management fee model with nearly 100% of revenue made up of management fees with peer leading fee rates, which is advantageous in an uncertain environment for realizations and incentive fees across other alts.
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