UPDATE: Oppenheimer Upgrades The Blackstone Group (BX) to Outperform
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Rating Summary:
13 Buy, 16 Hold, 1 Sell
Rating Trend: Down
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
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Oppenheimer upgraded The Blackstone Group (NYSE: BX) from Perform to Outperform with a price target of $38.00.
Analyst Chris Kotowski commented, "Despite market volatility and a big pullback in the stock, BX reported 3Q15 gross distributable earnings (DE) of $0.60, pretty close to our estimate. While we will admit that we missed on any number of constituent components on this quarter's report, we think our basic view that the cash earnings are decisive and consistently positive are borne out by the report. We've always looked to the cash earnings over "economic net income" metric, which is both volatile and non-cash, taking a short-term view on the potential for earnings. BX has always traded at a substantial premium to peers and still does. In absolute terms, it's very compelling at this valuation since the cash earnings outlook remains very strong."
For an analyst ratings summary and ratings history on The Blackstone Group click here. For more ratings news on The Blackstone Group click here.
Shares of The Blackstone Group closed at $34.05 yesterday.
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