** Shares of alternative investment firm GCM Grosvenor GCMG.O fall as much as 8%, last down 2.8% at $11.53

** TD Cowen downgrades GCMG to "hold" from "buy"; cuts PT to $12.50 from $13.50, which is still a 5.1% upside to stock's last close

** Brokerage cites the combination of strong YTD stock movement and softer FY 2025 fee-related earnings outlook behind the downgrade

** Two of six brokerages rate the stock "buy" and four "hold"; their median PT is $12.50 — LSEG compiled data

** As of last close, GCMG shares up 32.4% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com))