Piper Jaffray Raises Price target on BlackRock (BLK) Following 3Q Review
Piper Jaffray reiterated a Neutral rating on BlackRock (NYSE: BLK), and raised the price target to $365.00 (from $357.00), following a 3Q15 review. In the face of a challenging environment, BLK was able to generate inflows across all distribution channels and almost all asset classes. The firm appears well positioned to benefit from continued global passive demand in addition to having strong active fixed income performance across several key strategies and improving active equity product performance.
Analyst Jason Weyeneth commented, "We view BLK as well positioned to continue to generate solid organic growth in higher fee/margin products driven by iShares and continued retail market share gains. In addition, expanding use of fixed income ETFs, strong performance across the active fixed income platform, and improving active equity performance position the firm for further market share gains. However, with the stock trading at a 5-year peak relative premium vs. peers, and our below consensus estimates (~4%), we remain Neutral."
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Shares of BlackRock closed at $322.47 yesterday.