UPDATE: The Blackstone Group (BX) PT Raised to $124 as Morgan Stanley Looks Ahead to $1 Trillion AUM
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Rating Summary:
12 Buy, 17 Hold, 1 Sell
Rating Trend: Down
Today's Overall Ratings:
Up: 10 | Down: 11 | New: 6
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Morgan Stanley analyst Michael Cyprys raised the price target on The Blackstone Group (NYSE: BX) to $124.00 (from $121.00), expecting the company to cross the $1tr AUM threshold in 2023, massive growth considering the size and reflecting 20% CAGR from 2Q levels.
The analyst maintained an Overweight rating, stating "Widening distribution channels and an expanding product set are increasing BX's TAM and enabling BX to successfully target new customer sets (retail investors in the US, Europe, and Asia, and insurance clients) and increase wallet share with existing customers (insurance and traditional institutional clients). We see this paving the way toward $1tr of AuM by 2023."
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