Carlyle downgraded to Neutral from Buy at Citi

Citi downgraded Carlyle to Neutral from Buy with a price target of $41, up from $40. The analyst lowered forward estimates to reflect tempered timing and expectations for both fundraising and monetization. The firm now sees a more balanced risk/reward in the shares at current levels and less relative upside versus peers given relative outlooks for fee related income growth through 2025. Citi says a more challenged private equity outlook relative to peers could limit Carlyle’s upside even as the outlook for credit is improving and investment solutions remain solid.