Jefferies Raises Price Target on The Blackstone Group (BX) Ahead of Q4 Results, Remains Bullish

Jefferies is reaffirming its Buy rating on shares of The Blackstone Group (NYSE: BX), while raising its price target from $17 to $18.

Ahead of the company's Q4 earnings release, the firm is increasing its Q4 EPS estimate by $0.12 to $0.28 on an improved outlook for performance fees, which they anticipate a majority of will be unrealized. Jefferies also expects investment activity will remain strong as they continue to focus of real estate.

For FY11 and FY12, the firm has increased its EPS estimates from $1.00 and $1.29 to $1.12 and $1.44.

An analyst at Jefferies comments, "Recovering markets and signs of macroeconomic stabilization should pave the way for a solid quarter to finish the year. While realization opportunities remain limited, capital continues to be deployed at attractive valuations. Furthermore, BX represents the best vehicle for investors to participate in the growing secular demand trend for alternative assets in our view."

For an analyst ratings summary and ratings history on The Blackstone Group click here. For more ratings news on The Blackstone Group click here.

Shares of The Blackstone Group closed at $15.31 yesterday.

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