UPDATE: BlackRock (BLK) PT Raised to $912 at BofA Securities on Strong ETF Business, A Trend Likely to Continue

April 16, 2021 6:03 AM EDT
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Price: $838.92 -2.16%

Rating Summary:
    17 Buy, 5 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 25 | Down: 19 | New: 37
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(Updated - April 16, 2021 8:49 AM EDT)

BofA Securities analyst Michael Carrier raised the price target on BlackRock (NYSE: BLK) to $912.00 (from $867.00) while maintaining a Buy rating after the company reported adj EPS of $7.77, above the Street's estimates of $7.71, driven by stronger than expected revenues and a lower tax rate, partially offset by higher than expected expenses and lower non-op income.

The analyst stated "BLK’s flows were robust in 1Q, with +8% total annualized organic growth (aog) & +7% LT aog, with positive flows across all client types, regions and asset classes, while organic base fee growth was a record +14%. Active equities (record inflows) and equity ETFs stood out in the qtr and we expect positive trends to continue, though mgmt expects a $55B low fee index outflow in 2Q21 (minimal impact on organic fee base growth). Given the positive market revenue environment, mgmt is ramping up investments for future growth in 2021 with a focus on alternatives (private mkts, infrastructure), sustainable products (expected to reach $1T by the end of the decade) and China."

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