JPMorgan analyst Kenneth Worthington upgraded Blackstone to Overweight from Neutral with a price target of $105, up from $104. Investors are aware of risks to Blackstone’s retail, real estate and private equity businesses, driven by higher inflation and interest rates, the analyst tells investors in a research note. However, the firm sees a retail franchise "still intact and positioned for stronger growth" over the intermediate term, as well as a real estate franchise "with such good performance from which we expect growth even if the asset class falls from favor." Blackstone has substantial fund raising in 2022 and 2023 that has yet to contribute meaningfully to free related earnings, adds the analyst.
Published first on TheFly
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