Blue Owl Capital reinstated with a Neutral at JPMorgan

JPMorgan reinstated coverage of Blue Owl Capital with a Neutral rating and price target of $18.50, down from $19, following period of restriction. While Blue Owl’s “attractive” investment products and medium-term outlook remain solid, the shares are already trading in the top half of peer valuation multiples, the analyst tells investors in a research note. The firm says the current market uncertainty around macro and credit “creates a broader dispersion of potential outcomes.”