BlackRock Analysts Raise Their Forecasts Following Upbeat Earnings
Portfolio Pulse from Avi Kapoor
BlackRock, Inc. (NYSE:BLK) reported better-than-expected second-quarter earnings, with adjusted EPS beating consensus estimates. Despite missing revenue expectations, the company saw significant organic growth driven by private markets and ETFs. Analysts have raised their price targets for BLK following the earnings report.
July 16, 2024 | 12:31 pm
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BlackRock reported better-than-expected Q2 earnings with adjusted EPS of $10.36, beating the consensus of $9.93. Revenue grew 8% Y/Y but missed expectations. The company paid a quarterly dividend of $5.10 per share and repurchased $500 million worth of shares. Analysts have raised their price targets following the earnings report.
The better-than-expected EPS and the positive analyst revisions are likely to have a positive short-term impact on BLK's stock price. The revenue miss is a minor negative but is outweighed by the strong EPS performance and positive outlook.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100