Citi Reiterates Buy Rating on BlackRock (BLK)
Citi analyst Chris Allen reiterated a Buy rating and $1,200.00 price target on BlackRock (NYSE: BLK)
The analyst comments "BLK reported adj. EPS of $11.93 vs our est. of $11.31 and FactSet consensus of $11.24. Revenues of $5.68B were above our $5.65B est., driven largely by performance fees ($451M v. $353M est.) and technology/risk mgmt. fees. Investment advisory fees came in below our est. ($4.42B v. $4.50B est.), but fee rates improved seq. (15.2bps vs. 14.0bps 3Q24) and were better than expected in most categories. Adjusted opex of $3.351B came in above our $3.46B est., with both comp and G&A lower than expected. Also, lower-than-expected tax rate added ~$0.64 relative to our est. BLK reported base management fee growth of 7%, an acceleration vs. 5% in 3Q24. While there were some moving parts, better-than-expected fee rates, improving base fee growth trajectory and overall beat should be positive for the stock here."
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Shares of BlackRock closed at $963.17 yesterday.