Blue Owl Capital downgraded on estimate risk at TD Cowen

TD Cowen analyst Bill Katz downgraded Blue Owl Capital to Hold from Buy with a price target of $19, down from $21.50. The analyst now sees more material downside risk to consensus expectations and is “less sanguine” around GP Stakes within the retail channel. The firm expects management will have to reset 2025 dividend expectations toward 95c versus $1.00 prior. Blue Owl’s credit risks are overplayed, but given more limited earnings drivers, share upside “also seems capped,” the analyst tells investors in a research note.