Blackstone price target lowered to $85 from $90 at BMO Capital

BMO Capital analyst James Fotheringham lowered the firm’s price target on Blackstone to $85 from $90 and keeps a Market Perform rating on the shares. Investors appear to be "too optimistic" on the recovery path for the embattled Blackstone REIT, and the potential earnings risk around Blackstone Private Credit Fund is leaving him cautious on Blackstone shares over the near term, the analyst tells investors in a research note. Fotheringham adds however that while sentiment and estimates are unlikely to turn positive in the near term, the worst is likely to be priced in to the stock.