Goldman Keeps Top Rating on Blackstone (BX) Citing Real Estate Advantage

Goldman Sachs reiterated its Conviction Buy List rating and $17 price target The Blackstone Group (NYSE: BX), highlighting its advantage in real estate.

"The market still fails to appreciate the importance of RE in the outlook for future investing/harvesting and BX’s real competitive advantage in this asset class. On an AuM basis, BX’s business is split evenly across Private Equity, Real Estate, Hedge Fund Solutions and Credit," the analyst notes. "But AuM mix can be misleading and does not reflect the actual forward outlook for capital deployment and distributions: 34% of dry powder ($12.3 bn as of 2Q12) and 59% of accrued carry (just over $1 bn, 2Q12) are in Real Estate."

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 $13.99 yesterday.

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