Argus raised the firm’s price target on Blackstone to $155 from $135 and keeps a Buy rating on the shares following the company’s Q2 report. Results benefited from growth in realized performance revenues, but were hurt by a decline in fee-related revenues, which management attributed to lower fee-related performance revenues in the real estate segment, the analyst tells investors. Though realizations are taking longer to recover, the firm expects “a still solid environment” for fundraising and asset values, the analyst added.
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