** 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

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))