Blackstone price target raised to $117 from $105 at BofA

BofA analyst Craig Siegenthaler raised the firm’s price target on Blackstone to $117 from $105 and keeps a Buy rating on the shares after the company’s Q2 report. The firm has “slightly” lowered its 2024/2025 EPS forecasts due to “small tweaks” to its assumptions for fundraising, realizations, deployments and performance, but raises its target based on a higher multiple applied to its FY25 cash EPS estimate due to the improved fundamental outlook, the analyst tells investors, adding that BofA expects a “significant reacceleration” in net flows when BREIT’s limits end.