Citi Reiterates Buy Rating on BlackRock (BLK)

Citi analyst Chris Allen reiterated a Buy rating and $1,200.00 price target on BlackRock (NYSE: BLK)

The analyst comments "BLK reported adj. EPS of $11.93 vs our est. of $11.31 and FactSet consensus of $11.24. Revenues of $5.68B were above our $5.65B est., driven largely by performance fees ($451M v. $353M est.) and technology/risk mgmt. fees. Investment advisory fees came in below our est. ($4.42B v. $4.50B est.), but fee rates improved seq. (15.2bps vs. 14.0bps 3Q24) and were better than expected in most categories. Adjusted opex of $3.351B came in above our $3.46B est., with both comp and G&A lower than expected. Also, lower-than-expected tax rate added ~$0.64 relative to our est. BLK reported base management fee growth of 7%, an acceleration vs. 5% in 3Q24. While there were some moving parts, better-than-expected fee rates, improving base fee growth trajectory and overall beat should be positive for the stock here."

For an analyst ratings summary and ratings history on BlackRock click here. For more ratings news on BlackRock click here.

Shares of BlackRock closed at $963.17 yesterday.

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