Blackstone being eligible for S&P 500 a positive catalyst, says Morgan Stanley

After S&P Dow Jones announced changes to their Share Class Eligibility Rules for the S&P indices, Morgan Stanley analyst Michael Cyprys notes that Blackstone is now newly eligible for the S&P 500 index, calling it "among the largest Mega Cap names that currently pass all other S&P 500 index eligibility criteria" that was previously kept out of the index due to the multi share class rule. The firm, which views this as a positive catalyst for Blackstone to expand its investor base and support a re-rating, points to the upcoming June quarterly rebalance as its earliest expectation for the S&P to include newly eligible multi share names in the S&P 500. Morgan Stanley has an Overweight rating and $115 price target on Blackstone shares.