Raymond James reiterated a Strong Buy rating and $20.00 price target on Blue Owl Capital (NYSE: OWL).

The firm said recent data suggested fourth-quarter 2025 redemption requests for OCIC would come in below 7%, which it believed would remove a key overhang tied to uncertainty around redemptions in non-traded BDC products. Raymond James highlighted Blue Owl's valuation at approximately 16x earnings, compared with 20x-30x for peers, alongside operating margins in the 57%-58% range and guided fee-related earnings CAGR of more than 20%.

The analyst said confidence was reinforced by the fact that Blue Owl did not amend its fourth-quarter tender offer for OCIC, which would have been required if redemptions exceeded the 7% threshold. OCIC's redemption window closed on December 31, and Raymond James said the company likely already had a clear picture of redemption levels. Historically, OCIC redemption data is released in the third week of January unless management chooses to disclose earlier.