TPG upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley upgraded TPG to Overweight from Equal Weight with a price target of $52, up from $43. The shares have lagged year-to-date but Morgan Stanley has greater confidence in TPG’s growth path ahead, powered by a capital markets recovery, private credit scaling and impact platform expansion, the analyst tells investors in a research note. The firm sees 23% annual earnings growth with “multiple vectors for growth in a capital light business model.” Current share levels offer an attractive entry point for a high quality, capital light business model with over 80% fee-related earnings mix, contends Morgan Stanley.