Blackstone stock (NYSE: BX) received updated analyst coverage as Rothschild & Co Redburn raised its price target from $144 to $168.
Despite the raise, in an investor note on July 29, Rothschild maintained a ‘Neutral’ recommendation on the American alternative investment management company.
Despite the upward revision, BX shares were trading at $176 at press time, slightly below the new target. Notably, Blackstone’s price today is down 0.7% but remains up 2.4% year-to-date.
The revised target from Rothschild comes days after Keefe, Bruyette & Woods (KBW) also lifted its price target on Blackstone stock from $168 to $180, following the firm’s stronger-than-expected quarterly earnings.
On July 27, KBW cited higher-than-forecast fee-related earnings and net realizations as key drivers behind the $0.10 per-share earnings beat. Blackstone’s 100% gross margin and 37% revenue growth over the past year were noted as evidence of its strong financial position.
While KBW maintained a ‘Market Perform’ rating, it raised forward projections for the BX stock, particularly in its private equity and credit divisions. However, it remained cautious on the real estate segment.
Blackstone impacted by New York mass shooting
On the other hand, the BX stock price remains under close watch, not only for financial updates but also due to tragic developments at its Manhattan headquarters.
On Monday, a mass shooting resulted in the deaths of four individuals, including Wesley LePatner, CEO of Blackstone’s BREIT real estate fund. The company confirmed that its offices would remain closed on Tuesday in the aftermath of the incident.
Despite recent headwinds, analysts’ revisions suggest continued confidence in Blackstone’s core business strength.
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