BlackRock (BLK) PT Lowered to $455 at Deutsche Bank Following 2Q
Deutsche Bank lowered its price target on BlackRock (NYSE: BLK) to $455.00 (from $465.00) while maintaining a Buy rating following the company's 2Q earnings report. BLK’s 2Q17 adj EPS was $5.24, missing estimates of $5.40.
Management guided to $750mn of G&A exp in 2H17 as the firm continues to emphasize the importance of tech innovation and marketing in remaining competitive as the trend towards fee-based advisory and portfolio construction persists.