Hamilton Lane price target raised to $126 from $102 at Morgan Stanley

Morgan Stanley analyst Michael Cyprys raised the firm’s price target on Hamilton Lane to $126 from $102 and keeps an Equal Weight rating on the shares. Alternative asset manager stocks ended 2023 up 45% versus traditional asset managers gaining 16%, broader financials being up 12% and the S&P advancing 24%, so good news is “in the price,” the analyst tells investors in a Q4 preview for the group. Despite improvements in the macro outlook, the firm notes that its FY24 and FY25 estimates are “broadly unchanged” as its views reflect an earnings recovery that is “already baked in.”