TD Cowen upgrades ‘too cheap to ignore’ GCM Grosvenor to Outperform

As previously reported, TD Cowen analyst Bill Katz upgraded GCM Grosvenor to Outperform from Market Perform with a price target of $10, up from $9.50. GCM has sharply lagged peers year-to-date, but the fundamental outlook is brightening for flows, margins and realizations, says the analyst, who calls the stock “too cheap to ignore” and notes that the firm’s target offers about 24% total return.