The Blackstone Group (BX) PT to $158 at Piper Sandler

Piper Sandler analyst Crispin Love lowered the price target on The Blackstone Group (NYSE: BX) to $158.00 (from $168.00) while maintaining a Neutral rating.

The analyst commented: "Solid 4Q25, But Guide Implies Slight Downside; Highest Fundraising Since 2Q22; Blackstone posted a solid headline beat, but shares traded down 3% following its call. We believe weakness was driven by 2026 expectations that will likely drive Street estimates lower over the near-term. Key guidance metrics call for similar base management fee growth as 2025 (+11%), stability in RE management fees, and stable FRE margins with the potential for upside. We viewed the guidance as in-line to slightly worse than expectations. In 4Q25, performance revenues drove the beat, fundraising was strong, and management reiterated prior comments that deal activity is improving and could drive a solid 2026. We are decreasing our 2026 and 2027 estimates to $6.30 and $7.73 from $6.52 and $7.79. We are decreasing our PT to $158 from $168, which is based on ~25x (~26 prev.) our 2026 DE estimate. The lower multiple is driven by peer multiple contraction."

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