BlackRock

Morgan Stanley analyst Mike Cyprys maintains BlackRock with a Overweight and raises the price target from $1013 to $1025.

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We raise our 12-month target price by $20 to $915, valuing BLK shares at 19.7x our 2025 adjusted EPS estimate of $46.50 (lifted by $1.40) and at 21.2x our 2024 EPS estimate of $43.20 (upped by $0.12), versus the three-year average forward multiple of 20x and a peer average of 15x. Q1 EPS of $9.81 versus $7.93 topped our $9.60 EPS estimate and the $9.39 consensus view on 11.4% higher revenues (versus our 8%-11% estimate) and operating margin of 42.2% versus 40.4%. Long-term net inflows of $76B in Q1 ($183B in the last 12 months) reflected strong and broad-based ETF inflows of $67B. We raise our 2024 revenue growth forecast to 8%-12% and see growth of 9%-12% in 2025. We expect above-peer organic growth; an attractive mandate

The following is a summary of the BlackRock, Inc. (BLK) Q1 2024 Earnings Call Transcript: Financial Performance: BlackRock’s Q1 results show a record Assets Under Management (AUM) of nearly $10.5 trillion, including Q1 long-term net inflows of $76 billion. They reported revenue of $4.7 billion, an 11% increase YoY. The firm saw operating income of $1.8 billion, up 17% YoY, while earnings per share stood at $9.81, a 24% increase YoY. Non-operating results included $90 million of net investment gains. First quarter base fee in securities lending revenue was $3.8 billion, a growth of 8% YoY. Performance fees of $204 million showed an increase from a year ago. Technology services revenue saw an uptick by 11% YoY. Business Progress: Momentum across the platform is strong, with growth potential in technology, outsource solutions, and private markets. The company is set to acquire equity interest in SpiderRock Advisors to enhance product offerings

BlackRock (BLK) on Friday reported first-quarter results that rose year over year and topped Wall Street’s estimates, even though the asset manager’s net inflows declined. The company delivered adjusted earnings of $9.81 per share for the March quarter, climbing from $7.93 a year earlier and topping the Capital IQ-polled consensus of $9.39. Revenue rose 11% to $4.73 billion driven in part by higher performance fees and technology services revenue. The Street’s view was for $4.71 billion. The firm generated total net inflows of $57.19 billion, compared with $110.32 billion in the prior-year quarter. The company said the latest quarterly inflows reflect $19 billion of net outflows from cash management, impacted by roughly $14 billion of net redemptions during the last week of March ahead of the Good Friday holiday, Chief Financial Officer Martin Small said during an earnings call, according to a Capital IQ transcript. “Outflows were driven by clients

BlackRock (NYSE:BLK) reported quarterly earnings of $9.81 per share which beat the analyst consensus estimate of $9.32 by 5.26 percent. This is a 23.71 percent increase over earnings of $7.93 per share from the same period last year. The company reported quarterly sales of $4.73 billion which beat the analyst consensus estimate of $4.68 billion by 1.03 percent. This is a 11.43 percent increase over sales of $4.24 billion the same period last year.

JP Morgan analyst Kenneth Worthington maintains BlackRock (NYSE:BLK) with a Neutral and raises the price target from $742 to $767.

Evercore ISI Group analyst Glenn Schorr maintains BlackRock (NYSE:BLK) with a Outperform and raises the price target from $880 to $920.

By Jacob Sonenshine The rally in financial stocks is taking a breather. For investors who haven’t gotten into the sector yet, this might just be the best buying opportunity to come around. The Financial Select Sector SPDR fund, a diversified exchange-traded fund of financial companies on the S&P 500, gained 21% to a peak of $37.99 earlier this month from a multi-month low in October. But since that peak, the ETF — which owns asset manager BlackRock, investment banks JPMorgan and Goldman Sachs, more lending-focused banks Wells Fargo and Bank of America, and other financial giants — has retreated about 1%. Before the rally’s pause, a dip in short-term interest rates had driven financial stocks higher. Lower rates can boost consumer demand, a benefit for lenders, even though they reduce the rates that these banks can charge. Lower borrowing costs also help investment banks complete more deals. Falling rates help

By Jack Pitcher BlackRock announced its largest acquisition in 15 years Friday ( and analysts say the world’s largest asset manager may not be done shopping. BlackRock’s $12.5 billion deal to buy Global Infrastructure Partners will give it a significantly larger footprint in private markets, a business that has been in high demand with institutional and high-net worth clients. Wells Fargo analyst Finian O’Shea sees potential for BlackRock to target another private markets acquisition, this time in credit. “Successful integration of GIP likely will be the priority, but another private markets M&A move (perhaps in credit) seems reasonably likely,” O’Shea wrote in an analyst note Friday. Private credit–or debt financing for corporations that’s provided directly from private investors, instead of through the publicly syndicated bond market–has experienced explosive growth in recent years ( NOTE: In-line links reference additional content of interest chosen by the WSJ news team. This item is

BlackRock (NYSE:BLK) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/16/2024 17.24% TD Cowen → $938 Upgrades Market Perform → Outperform 01/10/2024 2.24% UBS $720 → $818 Maintains Neutral 01/04/2024 2.37% TD Cowen → $819 Initiates Coverage On → Market Perform 12/15/2023 -11.51% JP Morgan $708 → $708 Downgrades Overweight → Neutral 12/12/2023 10.62% Exane BNP Paribas → $885 Upgrades Neutral → Outperform 11/30/2023 -0.88% Goldman Sachs $719 → $793 Maintains Buy 10/16/2023 -11.51% JP Morgan $736 → $708 Maintains Overweight 10/16/2023 12.12% Morgan Stanley $836 → $897 Maintains Overweight 10/11/2023 -0.01% Deutsche Bank $814 → $800 Maintains Buy 10/06/2023 4.49% Morgan Stanley $888 → $836 Maintains Overweight 10/04/2023 -10.01% Wells Fargo $820 → $720 Maintains Overweight 07/18/2023 10.99% Morgan Stanley $881 → $888 Maintains Overweight 07/17/2023 -1.88% Deutsche Bank $780 → $785 Maintains Buy 07/14/2023 1.87% Citigroup $750 → $815 Maintains

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We lift our 12-month target price by $45 to $895, or 19.8x our ’25 EPS estimate of $45.10 (upped by $1.05) and 20.8x our ’24 EPS estimate of $43.08 (raised by $2.05), in line with BLK’s three-year average forward multiple of 20x. Q4 EPS of $9.66 versus $8.93 topped our $9.40 EPS estimate and the $8.84 consensus view on a 7% revenue rise (above our 3%-5% forecast), and ’23 EPS of $37.77 (versus $35.36) beat our $37.52 EPS estimate and the $37.09 consensus view. December 31, 2023 AUM of $10T rose 16% Y/Y, aided by $289B of net inflows (3% organic growth). We applaud BLK’s accretive acquisition of Global Infrastructure Partners (GIP) for $12.5B in cash ($3B) and stock (12M shares) in a deal that creates a

By Jack Pitcher BlackRock has agreed to buy private-equity firm Global Infrastructure Partners for roughly $12.5 billion in cash and stock, a significant push into private-market investments for the world’s largest asset manager. New York-based GIP owns and operates energy, transportation, and water and waste companies, including a stake in London’s Gatwick Airport. The acquisition would be BlackRock’s largest since it bought Barclays’s asset management business in 2009. BlackRock separately reported its assets under management topped $10 trillion at the end of the fourth quarter for just the second time in its history. To acquire GIP, BlackRock will pay $3 billion in cash and 12 million of its own shares, worth about $9.5 billion based on Thursday’s closing price. GIP is majority owned by its six founding partners, who will collectively become among the largest shareholders of BlackRock by acquiring about 8% of the shares outstanding, according to a person