Blackstone price target lowered to $146 from $150 at Piper Sandler

Piper Sandler analyst Crispin Love lowered the firm’s price target on Blackstone to $146 from $150 and keeps an Overweight rating on the shares. The firm is trimming its Q1 estimate to 99c from $1.07 on softer performance fees driven by Blackstone likely not meeting the hurdle in BREIT. Piper believes Blackstone could be nearing an inflection point where it could see improved results and activity as one moves through 2024. Sentiment remains negative, but the firm is confident in Blackstone’s ability to put capital to work in the coming quarters. Piper also expects Blackstone to be a key beneficiary of the long-term trends of increased exposure to alts given its unparalleled scale and brand.