P10 downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded P10 to Neutral from Overweight with a price target of $9.50, down from $15.50, following the Q4 report. New CEO Luke Sarsfield has come out with his priorities that will include investment in personnel in part to better institutionalize the business and to drive organic and inorganic growth, the analyst tells investors in a research note. However, with net sales slowing to a level below P10’s solution based peers in 2024, the firm’s revenue estimates fall even as expense guidance rises on investments.