Blackrock (NYSE:BLK), the largest investment manager worldwide, has been accused of making misleading statements about its ESG (Environmental, Social, and Governance) strategies by Tennessee.
Citing conflicting ESG assertions and statements, State Attorney General Jonathan Skrmetti noted, “Some public statements show a company that focuses exclusively on return on investment, others show a company that gives special consideration to environmental factors.”
Blackrock oversees over nine trillion dollars in investments and is part of the Net Zero Asset Managers Initiative and Climate Action 100+ coalitions. Previously, some politicians berated BLK for “Championing” ESG, and some GOP-led states have pulled investments from the company, according to Bloomberg.
Blackrock, though, has refuted Tennessee’s allegations and plans to contest the claims. The State’s lawsuit is part of a wider debate surrounding ESG-associated practices and efforts by investment managers.
Is BLK a Good Stock to Buy?
Overall, the Street has a Strong Buy consensus rating on Blackrock. Following a nearly 15% jump in the company’s share price over the past six months, the average BLK price target of $792.93 implies that the stock may be fairly priced at current levels.
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