Argus raised the firm’s price target on BlackRock to $1,080 from $910 and keeps a Buy rating on the shares after its Q3 earnings beat. The firm is boosting its 2024 EPS estimate to $42.92 from $42.43 as inflows and improving market valuations elevate assets under management – AUM – levels, the analyst tells investors in a research note. Argus adds that AUM will further benefit from the October 1 acquisition of Global Infrastructure Partners, an infrastructure private markets investment platform with $116B in client assets and $70B of fee-paying AUM.
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