TPG downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Kenneth Worthington downgraded TPG (TPG) to Neutral from Overweight with a price target of $34, down from $35. TPG was a "strong relative performer" in 2022, falling 2.2% versus the S&P 500 down 18% and its leading peer Blackstone (BX) dropping 40%, the analyst tells investors in a research note. With the shares approaching the December 2023 target, the firm believes a Neutral rating is more appropriate for TPG. A more challenging market environment could lead to less active realizations in 2023 and lower carry generated, it writes.