GCM Grosvenor falls after TD Cowen downgrades to 'hold'

GCM Grosvenor

11/11/2024 19:16

** Shares of alternative investment firm GCM Grosvenor
 GCMG.O  fall as much as 8%, last down 2.8% at $11.53
    ** TD Cowen downgrades GCMG to "hold" from "buy"; cuts PT to
$12.50 from $13.50, which is still a 5.1% upside to stock's last
close
    ** Brokerage cites the combination of strong YTD stock
movement and softer FY 2025 fee-related earnings outlook behind
the downgrade
    ** Two of six brokerages rate the stock "buy" and four
"hold"; their median PT is $12.50 —  LSEG compiled data
    ** As of last close, GCMG shares up 32.4% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com))