Carlyle initiated with a Market Perform at TD Cowen

TD Cowen initiated coverage of Carlyle with a Market Perform rating and $42 price target. The company offers an outsized net realization opportunity, while its building insurance/credit and secondaries are scaling against mixed private equity lead indicators, though the key wildcard would be whether its management seeks to re-engineer comp structure to bolster its fee-related earnings, the analyst tells investors in a research note.