Blue Owl Capital (OWL) PT Raised to $21 at Citi

Citi analyst Chris Allen raised the price target on Blue Owl Capital (NYSE: OWL) to $21.00 (from $20.00) while maintaining a Buy rating.

The analyst comments "We are refreshing our estimates to reflect the current environment. Looking at 1Q24, slight bumps in our management fee estimates were offset by tax rate adjustments, and our 1Q24 DE per share remains unchanged at $0.16, in line with consensus. Our forward estimates move slightly higher post adjustments, with our 2024/2025 estimates increasing to $0.81/$1.05 from $0.79/$1.03. Given our estimate increases, we are increasing our PT to $21 (from $20), implying 24.6x/19.0x our 2024/2025 estimates. We note that our revised estimates do not include the impact of recent deals. We continue to like OWL here given its business mix, permanent capital model, positioning in the wealth channel, growth opportunities in the insurance channel, and potential to produce 20%+ top/bottom line growth over the next few years."

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