Piper Sandler has raised its rating on GCM Grosvenor Inc (NASDAQ: GCMG) to “Overweight” from “Neutral” previously, driving the shares over 3% higher on Monday.
Piper Sandler analyst Crispin Love wrote in an investor note that “momentum in fundraising, growth in direct oriented investments, and a pickup in deal activity” would “drive carried interest and performance revenues.”
In addition, “the Fed rate cutting cycle, less regulation, a pro-growth & pro-business administration, and pent-up demand are all areas that could lead to a pickup in transactions which is positive for GCMG,” the analyst noted.
Stock Performance
The shares of GCM Grosvenor Inc (GCMG) closed 3.32% ($0.39) higher at $12.14 on Nasdaq on Monday. It has been the sharpest single-session gain since November 6th.
The company’s total market cap now stands at $2.269 billion.
The shares of GCM Grosvenor Inc (GCMG) went up 17.74% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).
The company’s shares have risen 35.49% so far this year.
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