Deutsche Bank Upgrades BlackRock (BLK) to Buy
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Deutsche Bank upgrades BlackRock (NYSE: BLK) from Hold to Buy, following strong Q2. The firms said, "We believe that BlackRock's relative outperformance will continue (it has a $64 bil. pipeline) and believe the stock deserves its best-in-class multiple (19x long-term vs. industry avg. of 17x)."
The firm lifted their 2008 and 2009 estimates higher by 10 and 20 cents respectively to $8.80 and $10.80, established a 2010 est. of $12.85. The firm raised their price target to $230.
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