Carlyle price target lowered to $68 from $74 at Oppenheimer

Oppenheimer analyst Chris Kotowski lowered the firm’s price target on Carlyle to $68 from $74 and keeps an Outperform rating on the shares. The private equity business model is inherently volatile on a quarterly basis, and the firm would never read too much into any one quarter’s results, but the Q1 print was not one of the better ones in our view. The earnings were fine but fund performance, the trends in the carried interest receivable and fund raising were all at the lower end of expectations, Oppenheimer adds.