Blackstone price target lowered to $90 from $109 at BMO Capital

BMO Capital analyst James Fotheringham lowered the firm’s price target on Blackstone to $90 from $109 and keeps a Market Perform rating on the shares. In response to rising redemption requests, the BREIT began enforcing its previously disclosed redemption limits, and this will likely prove a significant headwind for Blackstone’s medium-term growth, the analyst tells investors in a research note. Fotheringham is also cutting his Blackstone EPS view for 2022 by 6c to $5.04 and for FY23 by 39c to $5.50.