BofA Global Research raises Blackstone price objective to $200 from $167

BofA Global Research raises Blackstone price objective to $200 from $167

NEW YORK (AP) — Blackstone Inc. (BX) reported strong second-quarter earnings, with net income of $764.2 million, surpassing Wall Street expectations. The New York-based investment manager reported earnings of 98 cents per share, adjusted for non-recurring costs, which came to $1.21 per share. This result exceeded the average estimate of eight analysts surveyed by Zacks Investment Research, who expected earnings of $1.11 per share [1].

The company's revenue also exceeded forecasts, reaching $3.71 billion in the period. Adjusted revenue was $3.07 billion, surpassing the Street's average estimate of $2.83 billion, as per five analysts surveyed by Zacks [1].

Blackstone's shares have seen a slight increase of more than 3% since the beginning of the year, reflecting the market's positive response to the company's strong performance. The investment manager's robust earnings and revenue growth are likely to continue to drive investor confidence.

In a separate development, Bank of America Global Research (BofA) has raised its price objective for Blackstone Inc. to $200 from $167. This move reflects the firm's positive outlook on Blackstone's earnings growth and the potential for further share price appreciation [2].

References:
[1] https://www.newstimes.com/business/article/blackstone-inc-q2-earnings-snapshot-20785749.php
[2] https://www.bankofamerica.com