Credit Suisse analyst Bill Katz sees "two competing news items" for Blackstone, which create a "mixed bag." The announced $4B investment into Blackstone Real Estate Income Trust by the University of California is a positive, but Blackstone’s December repurchase requests accelerated month-over-month, which is a negative, Katz tells investors in a research note. The University of California deal adds a flagship investor, but the deal will likely focus investors on Blackstone effectively extending $1B in non-cash BREIT-related accrued receivable for five years and reinforce a low-multiple outcome, says the analyst. Katz keeps an Underperform rating on Blackstone with a $67.50 price target.
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Published first on TheFly
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