The Blackstone Group (BX) PT Raised to $142 at BMO Capital Following Earnings

BMO Capital analyst Rufus Hone raised the price target on The Blackstone Group (NYSE: BX) to $142.00 (from $124.00) while maintaining an Outperform rating following earnings.

The analyst commented, "We raise our out-year estimates by as much as 7% (faster organic AuM and FRE growth) and increase our target to $142 (from $124). Investment performance in 1Q was notably strong (versus public market alternatives) and BX's Real Estate, Infrastructure, and Credit businesses appear well-positioned for a higher inflation/rate environment. Baseline organic growth remains impressive, while growth in perpetual AuM (+127% YoY) is underpinning an increasingly consistent FRE growth profile. We are constructive on BX shares following their recent de-rating; however, we prefer Outperform-rated APO, KKR, and CG on valuation."

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