Blue Owl Capital price target raised to $22 from $18 at Evercore ISI

Evercore ISI raised the firm’s price target on Blue Owl Capital to $22 from $18 and keeps an Outperform rating on the shares. Blue Owl announced the purchase of Kuvare Asset Management for a maximum purchase price of $1B, including the earn-out, in an immediately accretive transaction, which adds to the company’s breadth of capabilities and Evercore thinks this should be well received as Blue Owl entering the insurance channel is a positive, as it’s another avenue for growth, the analyst tells investors in a research note.