Blackstone price target lowered to $105 from $118 at Evercore ISI

Evercore ISI lowered the firm’s price target on Blackstone to $105 from $118 and keeps an Outperform rating on the shares. While stating that it is “never fun to go through an earnings reset,” the firm says Blackstone wasn’t the first such company this quarter and “it won’t be the last.” Mix matters and while Blackstone’s broad and increasingly diversified platform “will continue to serve them well for many years to come, it’s sheer size in real estate and private equity continue to be drags on growth near-term,” argues the analyst in a post-earnings note titled “The Future Is Still The Future, But Unfortunately Delayed.”