UBS downgraded Blackstone to Neutral from Buy with a price target of $135, down from $140. The analyst expects continued growth in the company’s drawdown and insurance assets under management, but more modest free income growth ahead. Blackstone’s should trade in line with its trailing three-year average, and its current 65% premium to the XLF, above the historical average of 54%, may be at risk given real estate headwinds, the analyst tells investors in a research note.
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