P10 downgraded to Neutral from Buy at UBS

UBS downgraded P10 to Neutral from Buy with a price target of $10.50, up from $10. Given the “muted” fee related earnings outlook and likely modest upside from any potential acquisition, the shares are fully valued, the analyst tells investors in a research note. The firm says that while CEO Luke Sarsfield’s organizational buildout and other growth-oriented spending makes sense for the long term, it sees diminished earnings power for at least another year.