Redburn-Atlantic Starts The Blackstone Group (BX) at Neutral

Redburn-Atlantic analyst Nicholas Watts initiates coverage on The Blackstone Group (NYSE: BX) with a Neutral rating and a price target of $134.00.

The analyst comments: "Real estate, together with PE, generated c75% of Blackstone's FRE and DE in 2023. This has left the company potentially positively geared to any reduction in interest rates (especially in the US), given the negative impact that higher interest rates have had on these asset classes. The latent earnings potential embedded in Blackstone could be significant – in 2023, at a segmental level, it generated a similar level of realisations to those in 2018-20, despite 2023 performance-fee eligible AuM being approximately twice as high. Despite investors' real estate worries, Blackstone commands a premium to the sector, reflecting: (1) its ability to maintain strong growth levels despite its scale; (2) its strong record of investment performance; and (3) the strength of its brand. Taking into account valuation alongside other primary investment considerations, we rate the stock Neutral with a price target of US$134."

For an analyst ratings summary and ratings history on The Blackstone Group click here. For more ratings news on The Blackstone Group click here.

Shares of The Blackstone Group closed at $141.96 yesterday.

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