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StepStone Group shares rose after Wells Fargo initiated coverage with an Overweight rating and a $55 price target, adding to a generally constructive analyst view after significant selling pressure over the past year. The initiation brings the total number of buy-equivalent ratings on the stock to nine.
The company also hired Taylor Benson to lead a new U.S. Defined Contribution business, expanding its presence in the growing private-wealth and retirement channels. A day earlier, StepStone appointed Yoshitaka Todoroki, a former Government Pension Investment Fund of Japan executive, as vice president to drive strategic growth in Japan and across Asia.
The broader market provided additional support, with the S&P 500 up 0.7% and the Nasdaq gaining 1.2% after September payrolls increased by just 29,000, well below expectations of about 84,000.
$STEP
