Zacks Reiterates “Neutral” Rating for The Blackstone Group L.P. (BX)
The Blackstone Group L.P. (NYSE:BX)‘s stock had its “neutral” rating reiterated by Zacks in a report issued on Monday. They currently have a $34.50 target price on the stock. Zacks‘s price target indicates a potential upside of 3.67% from the company’s current price.
Zacks’ analyst wrote, “Blackstone’s first-quarter 2014 economic net income per share came in well ahead of the Zacks Consensus Estimate. Improvement in revenues across all business segments was partially offset by higher expenses. Further, strong growth in assets under management (AUM) and an improved balance sheet were the tailwinds. We believe Blackstone’s diversification in revenue mix and footprint, along with steadily increasing AUM, will support its growth. Moreover, the improving economic conditions will aid the company’s fund-raising ability, though regulatory changes would partially offset it. However, we remain concerned about the impact of elevated expenses and increased dependence on management and advisory fees on the company’s financials in the near term.”
The Blackstone Group L.P. (NYSE:BX) traded down 1.23% on Monday, hitting $32.87. The stock had a trading volume of 1,292,376 shares. The Blackstone Group L.P. has a one year low of $19.15 and a one year high of $35.39. The stock’s 50-day moving average is $30.79 and its 200-day moving average is $31.40. The company has a market cap of $19.088 billion and a price-to-earnings ratio of 15.65.
The Blackstone Group L.P. (NYSE:BX) last released its earnings data on Thursday, April 17th. The company reported $0.70 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.56 by $0.14. The company had revenue of $484.00 million for the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the prior year, the company posted $0.55 earnings per share. The company’s quarterly revenue was up 19.9% on a year-over-year basis. Analysts expect that The Blackstone Group L.P. will post $3.16 EPS for the current fiscal year.
A number of other analysts have also recently weighed in on BX. Analysts at Deutsche Bank reiterated a “buy” rating on shares of The Blackstone Group L.P. in a research note on Friday. They now have a $40.00 price target on the stock. Separately, analysts at Citigroup Inc. cut their price target on shares of The Blackstone Group L.P. from $42.00 to $40.00 in a research note on Wednesday, April 9th. They now have a “buy” rating on the stock. Finally, analysts at Sanford C. Bernstein initiated coverage on shares of The Blackstone Group L.P. in a research note on Thursday, April 3rd. They set an “outperform” rating and a $44.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. The Blackstone Group L.P. presently has a consensus rating of “Buy” and an average price target of $34.89.
The Blackstone Group L.P. (NYSE:BX) is a manager of private capital and provider of financial advisory services.
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