Keefe, Bruyette & Woods Upgrades Blackstone Group (BX) to Outperform
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Keefe, Bruyette & Woods upgrades Blackstone Group (NYSE: BX) to Outperform. Price target $18.50.
Keefe analyst says, "BX reported 3Q...The beat relative to KBW was primarily due to higher-than-expected performance fee accruals and mark-to-market gains on investments. Raise estimates and leave price target unchanged...Blackstone's revenues and earnings are highly sensitive to the investment performance of the company's underlying investment products. In addition, many of Blackstone's investment strategies entail substantial amounts of leverage and there is limited transparency into many of its investment products and strategies, including the estimation of AUM used to calculate incentive income and investment income, which can be volatile."
To see more analyst ratings on BX Click Here.
The Blackstone Group L.P., together with its subsidiaries, provides alternative asset management and financial advisory services worldwide.
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