Citi Analyst Sees Long-Term Growth Potential in BlackRock Despite Mixed Q2 Results, Highlights Lower G&A Expenses as Positive
Portfolio Pulse from Anusuya Lahiri
Citi analyst Christopher Allen has maintained a positive long-term outlook for BlackRock, Inc. (NYSE:BLK) despite mixed Q2 results. The company reported a 1% Y/Y decline in Q2 revenue to $4.46 billion, slightly below consensus. However, adjusted EPS rose 26% Y/Y to $9.28, beating consensus. Lower G&A expenses were a significant positive for the quarter. Morgan Stanley analyst Mike Cyprys maintained BlackRock with an Overweight and raised the price target from $881 to $888.
July 18, 2023 | 4:58 pm
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POSITIVE IMPACT
Despite mixed Q2 results, analysts maintain a positive outlook for BlackRock, highlighting lower G&A expenses and potential for long-term growth. The price target has been raised from $881 to $888.
The news is directly about BlackRock and its Q2 results. Despite mixed results, analysts maintain a positive outlook, which is likely to instill confidence in investors and could potentially drive the stock price up in the short term. The raised price target by Morgan Stanley further supports this.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100