Wachovia Upgrades BlackRock (BLK) to Outperform
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Wachovia upgrades BlackRock (NYSE: BLK) from Market Perform to Outperform with a $230 to $240 valuation range.
The firm said, "We are upgrading shares of BLK to Outperform from Market Perform for four reasons. First, BLK equity performance and flow has been strong, particularly in the past few months. Second, we believe that the recent transaction with UBS and appointments by the Fed and the Pan-Canadian Investor Committee to run Bear Stearns (NYSE: BSC) assets and a Canadian ABCP restructuring vehicle, respectively, have opened a new line of business for BLK. Third, credit spreads have tightened in the past few weeks, which will likely translate into solid performance fees for credit-related products. And finally, at 18.6x our new 2009 estimate, BLK trades at a 17% premium to the group. Since April 11, shares have declined more than any of the other managers, shedding 8% versus a 3% increase in the SNL AUM Index."
BlackRock, Inc. is a publicly owned investment manager. The firm also provides risk management and advisory services.
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