GCM Grosvenor price target raised to $14 from $12 at TD Cowen

TD Cowen raised the firm’s price target on GCM Grosvenor to $14 from $12 and keeps a Buy rating on the shares. The firm said the takeaways from the quarter were their favorable mix shift(s) continues into higher multiple Private Markets; 2H24 asset gathering poised to accelerate with high visibility; management affirmed double FRE; elevated ARS 2Q attrition narrow in scope with improving lead indicators; and 3Q line item guidance mostly as expected.