Goldman Sachs analyst Alexander Blostein downgraded Blackstone to Neutral from Buy with a price target of $128, up from $115. Following the recent run-up in the stock, Blackstone’s valuation “is increasingly out of sync” with its forward management fee growth algorithm, the analyst tells investors in a research note. The firm says the stock’s valuation leaves limited room for upside, with a balanced risk/reward from here.
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