Hamilton Lane rises as Wells Fargo initiates coverage with "overweight" rating

By Reuters News9 hours ago Updated

** Private markets investment management firm Hamilton Lane HLNE.O climbs 2.5% to $90.80

** Wells Fargo initiates coverage with "overweight" rating and PT of $103

** HLNE has strong exposure to private wealth and non-US markets, which could be areas of above-average growth - Wells Fargo

** Brokerage says HLNE has high potential if the alternative-investment market recovers, because it is heavily exposed to the private-wealth growth channel

** Stock trading at 12.14 times expected earnings per share over next 12 months, well above industry median of 10.67 - LSEG data

** 7 of 8 brokerages rate the stock "buy" or higher, 1 "hold"; median PT is $108.50 - data compiled by LSEG

** Including session's move, HLNE up 32.80% YTD

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