10:56 AM EDT, 08/12/2024 (MT Newswires) -- P10's (PX) Q2 adjusted earnings exceeded estimates due to "stronger than expected catch-up management fees of $6 million," Oppenheimer said in a note on Monday.

The firm said unexpected gains in incentive fees also contributed to the revenue in the "other" category.

Oppenheimer said it will keep estimates relatively unchanged as P10's "assets under management, fee rates excluding catch-up and core expenses were all close to expectations."

The company's shares are "significantly undervalued" and there is an upside for P10 in the long term as the company settles into "the new normal" following the appointment of the current CEO Luke Sarsfield in October 2023, the firm added.

Oppenheimer reiterated its outperform rating on P10's stock and kept the price target at $13.

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