Blackstone Faces Mixed Trends But Holds Long-Term Growth Potential, Analyst Says
Portfolio Pulse from Anusuya Lahiri
Blackstone Inc (BX) reported mixed 3Q23 earnings with fundraising and deployment below average, but solid investment performance. The stock ended the day down ~8%. Analyst Brian McKenna from JMP Securities maintained a Hold rating on BX, noting mixed trends that have weighed on growth. He cut 4Q23 and 2024 estimates but remains confident in the company's long-term growth potential, expecting mid-to-upper-teen growth through the cycle.
October 20, 2023 | 5:43 pm
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Blackstone Inc reported mixed 3Q23 earnings, with the stock ending the day down ~8%. Despite short-term cyclical headwinds, JMP Securities analyst Brian McKenna maintains a Hold rating and sees long-term growth potential for the company.
The mixed 3Q23 earnings and below-average fundraising and deployment have led to a short-term negative impact on Blackstone's stock price. However, the analyst's confidence in the company's long-term growth potential suggests a positive outlook in the long run.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100