** 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;))
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