BlackRock price target raised to $767 from $742 at JPMorgan

JPMorgan raised the firm’s price target on BlackRock to $767 from $742 and keeps a Neutral rating on the shares. The analyst is marking to model ahead of BlackRock’s Q1 earnings release. The firm increased estimates primarily due to better market conditions during the quarter. The firm says stronger markets in Q1 likely provided a 4% tailwind to ending assets under management while BlackRock’s net flows likely benefitted AUM by 2%. However, JPMorgan expects flows to moderate from here and ultimately derive limited earnings impact despite the boost in Q1 to organic growth.