Argus analyst Stephen Biggar raised the firm’s price target on Blackstone to $135 from $133 and keeps a Buy rating on the shares. The company’s Q1 earnings beat benefited from growth in fee-related earnings, while its management has previously laid out a constructive case for a recovery in the commercial real estate market, noting values are bottoming, new construction has declined substantially, and the cost of capital has peaked, the analyst tells investors in a research note. Argus adds that stable to lower interest rates should also improve transaction activity.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on BX:
- UK Stocks: Hipgnosis Songs Fund Soars as Blackstone’s Bid Sparks Takeover Battle
- Blackstone bid for Hipgnosis receives backing from board
- Blackstone price target lowered to $114 from $117 at TD Cowen
- Blackstone price target lowered to $132 from $141 at BofA
- Blackstone price target lowered to $100 from $105 at JPMorgan
