Nomura Securities Maintains a 'Buy' on BlackRock (BLK); Q3 Review
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Price: $1,173.73 -0.77%
Rating Summary:
20 Buy, 6 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
20 Buy, 6 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Nomura Securities maintains a 'Buy' on BlackRock (NYSE: BLK) price target cut from $200 to $175.
Nomura analyst, Glenn Schorr, said, "Concerns over further modest net outflows, lower market/AUM levels and lower performance fees are fair, will impact earnings estimates and are likely to continue to weigh on BLK’s stock, in our view. That said, we keep the 1% organic decay rate in perspective and feel that the fee pressures should be taken in stride due to the company’s very strong margins, ongoing expense flexibility, strong cash flow, significant capital return and the other basic tenants of the Blackrock story. We adjust our 2011E EPS from $11.62 to $11.83, 2012E from $13.31 to $12.26 and 2013 from $14.40 to $13.13. We lower our price target to $175 based on 14x our revised 2012 EPS estimate. Our PT implies a pretty good upside plus a 3.7% dividend yield."
For more ratings news on BlackRock click here and for the rating history of BlackRock click here.
Shares of BlackRock closed at $148.92 yesterday.
Nomura analyst, Glenn Schorr, said, "Concerns over further modest net outflows, lower market/AUM levels and lower performance fees are fair, will impact earnings estimates and are likely to continue to weigh on BLK’s stock, in our view. That said, we keep the 1% organic decay rate in perspective and feel that the fee pressures should be taken in stride due to the company’s very strong margins, ongoing expense flexibility, strong cash flow, significant capital return and the other basic tenants of the Blackrock story. We adjust our 2011E EPS from $11.62 to $11.83, 2012E from $13.31 to $12.26 and 2013 from $14.40 to $13.13. We lower our price target to $175 based on 14x our revised 2012 EPS estimate. Our PT implies a pretty good upside plus a 3.7% dividend yield."
For more ratings news on BlackRock click here and for the rating history of BlackRock click here.
Shares of BlackRock closed at $148.92 yesterday.
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