JPMorgan analyst Kenneth Worthington upgraded Stepstone Group to Overweight from Neutral with a price target of $49, up from $40. After a period of a more challenging fundraising combined with some idiosyncratic issues, which had negatively impacted asset under management growth for much of 2023, Stepstone is entering a period of higher asset growth in 2024, the analyst tells investors in a research note. The firm anticipates better fundraising in the company’s Commingled Fund business as more funds and some bigger funds come to and are in market. It believes StepStone earnings are “on the rise” and sees the potential for its valuation multiple to recover further.
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