Blue Owl stock gains 7% after initiated at Oppenheimer with Perform rating

Shares of Blue Owl Capital (NYSE:OWL) climb 7% after Oppenheimer analyst Chris Kotowski initiates the stock with a Perform rating.
"We greatly admire the business model, but at ~33x our 2022E earnings estimate we find the shares fairly priced, certainly relative to FRE-centric peers," Kotowski writes in a note to clients.
Shares of OWL jump 36% YTD, but down nearly 10% M/M.
Recall OWL only started trading publicly towards the end of May following the de-SPACing of Altimar Acquisition Corp.
Shares of OWL are climbing despite its announcement of a secondary offering on Monday.