BofA raised the firm’s price target on BlackRock to $868 from $813 and keeps a Buy rating on the shares as part of a Q1 earnings preview note on traditional asset managers. BofA forecasts a +$60B-$70B in long-term net flows for BlackRock in 1Q23, with the softer total net flows this quarter largely attributable to equity and institutional money market outflows offset by inflows into fixed income and multi-asset, the analyst tells investors in a research note. The firm expects a reacceleration in long-term net flows in Q2 and for BlackRock’s annualized organic growth rate to be between +5%-6% in 2023
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