Carlyle Group ticks up after TD Cowen upgrades

Alternative asset manager Carlyle Group's CG.O shares rise 1.3% to $46.58 premarket

TD Cowen upgrades CG to "buy" from "hold"; lifts PT to $56 from $37, a 21.8% upside to stock's last close

Brokerage believes CG is finally shifting to a "beat-and-raise" story from mixed execution, particularly for fee-related earnings and gross sales

Says management wanting to sustain its light balance sheet model should bode well for its valuation multiple

TD Cowen expects strong inflows into CG's credit arm, its biggest business by assets, buoyed by insurance wins

8 of 19 brokerages rate the stock "buy" or higher, 10 "hold" and 1 "sell"; median PT $49 - data compiled by LSEG

As of last close, CG stock was down 9% YTD