BofA lowered the firm’s price target on BlackRock to $1,025 from $1,034 and keeps a Buy rating on the shares post the Q4 report. While BlackRock’s Q4 net flows missed estimates due to “lumpy,” low fee institutional index redemptions, BofA continues to estimate an organic growth re-acceleration in 2024 on significant reallocations into fixed income after the Federal Reserve’s “pause” and with the first rate cut, the analyst tells investors in a research note. The firm says BlackRock is best positioned to win the lion’s share of the expected rebalancings.
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