Private equity leader TPG (TPG) is Investor’s Business Daily’s IPO Stock Of The Week, as it trades in a buy zone. TPG stock is also on IBD’s IPO Leaders screen.
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Fort Worth, Texas-based TPG is a private equity firm that focuses on leveraged buyouts and growth capital.
The global alternative asset management firm has $222 billion in assets under management following a strong 2023.
“We are entering 2024 with significant momentum and have a number of levers to drive continued growth across our firm,” said Chief Executive Office Jon Winkelried in the Feb. 13 earnings news release.
In early April, TPG agreed to acquire Classic Collision, a leading national collision repair operator. Classic Collision is one of the largest and fastest growing collision repair shops in the U.S., servicing customers across 262 locations in 16 states.
First-quarter results for TPG are due out May 8. Wall Street expects the firm’s EPS to jump 97% to 47 cents on sales of $452.9 million. Sales are expected to rise 71%.
TPG stock shows an IBD Composite Rating of 81 out of a best-possible 99, but its recent breakout gains make it a top IPO stock to watch.
TPG Stock Holds Key Support Level
In mid-February, TPG stock broke out past a cup base’s 44.46 buy point, according to IBD MarketSurge analysis. But shares have made little progress since that breakout move. However, they remain in the buy range that goes up to 46.68 and the stock is getting support at the 50-day moving average.
A decisive rebound from the line would offer another buying opportunity for the private equity stock.
Meanwhile, TPG stock’s relative strength line is holding steady. A move to new highs would confirm the IPO stock as a market leader.
Follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on top IPO stocks and the stock market.
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