Oppenheimer downgrades Blackstone, Hamilton Lane after 2023 rally

Oppenheimer downgraded both Blackstone (BX) and Hamilton Lane (HLN) to Perform from Outperform without price targets. The analyst cites valuation for the downgrades with the stocks rallying through the firm’s prior price targets. “It was a pretty breathtaking performance” for the alternative asset managers in 2023, especially in light of “ongoing doldrums in the capital markets,” the analyst tells investors in a research note. The firm is “bullish as ever” on the fundamental outlook for the group, but its valuation discipline makes it downgrade both stocks.