Hamilton Lane rises as Wells Fargo initiates coverage with "overweight" rating
HLNE•Hamilton Lane shares climbed 2.5% to $90.80 after Wells Fargo initiated coverage with an "overweight" rating and a $103 price target. Wells Fargo cited the firm's exposure to private wealth and non-U.S. markets as potential growth areas.
1. Wells Fargo starts coverage
Wells Fargo initiated coverage of Hamilton Lane with an "overweight" rating and a $103 price target. The firm said Hamilton Lane has strong exposure to private wealth and non-U.S. markets, which could be areas of above-average growth.
2. Valuation and analyst ratings
Wells Fargo said Hamilton Lane could have high potential if the alternative-investment market recovers, citing its exposure to the private-wealth growth channel. The stock traded at 12.14 times expected earnings for the next 12 months, compared with an industry median of 10.67. Seven of eight brokerages rated the stock "buy" or higher, while one rated it "hold"; the median price target was $108.50.
