Citi raised the firm’s price target on BlackRock (BLK) to $1,200 from $1,150 and keeps a Buy rating on the shares. The firm, which is updating its estimates and outlook for the traditional asset managers, notes that BlackRock remains its top pick out of the traditional group. Q4 is tracking to be a strong quarter given market performance, but forex rates and demand for lower fee products moderate upside potential, the firm said. Looking ahead to 2025, Citi expects recent fundamental trends to continue, with strong passive flows, particularly in FICC, and active flows remaining mixed, the analyst added.
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