Stepstone Group initiated with an Outperform at RBC Capital

RBC Capital analyst Bart Dziarski initiated coverage of Stepstone Group (STEP) with an Outperform rating and $65 price target The stock’s de-rating in 2026 has created an attractive entry point into a capital-light business, where earnings growth is being driven by accretive NCI buy-ins, a fundraising supercycle, and fee-related earnings – FRE – margin expansion, the analyst tells investors in a research note. RBC adds it is estimating FRE revenue growth of 24% CAGR over the next two years and FRE margin expansion of about 100bps per annum to 40% by FY28.

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