BlackRock upgraded to Outperform from Market Perform at Keefe Bruyette

Keefe Bruyette analyst Michael Brown upgraded BlackRock to Outperform from Market Perform with a price target of $835, up from $770. BlackRock is delivering consistent organic growth and profitability and as the largest and most diversified asset manager in the firm’s coverage Keefe Bruyette describes the stock as “an attractive way to play the impending surge of fixed income inflows,” both on the active and passive side. The firm expects fixed income flows to accelerate meaningfully once the Fed and other central banks reach the end of hiking campaigns and argues that BlackRock will be “a key beneficiary.”