These Analysts Boost Their Forecasts On BlackRock After Better-Than-Expected Q3 Results
BlackRock Inc. (NYSE:BLK) on Wednesday reported better-than-expected third-quarter results.
Revenue increased 19% year over year (Y/Y) to $7.75 billion, topping the analyst consensus estimate of $7.52 billion. Adjusted earnings came in at $15.93 per share, ahead of the consensus estimate of $14.13.
Investment advisory, administration fees and securities lending revenue rose to $6.04 billion from $5.05 billion a year earlier. Securities lending revenue increased to $253 million from $203 million, led by higher spreads and increased average balances of securities on loan.
BlackRock shares rose 3.3% to trade at $1,110.00 on Thursday.
These analysts made changes to their price targets on BlackRock following earnings announcement.
- Keefe, Bruyette & Woods analyst Alex Bond maintained the stock with an Outperform rating and raised the price target from $1,290 to $1,310.
- Wells Fargo analyst Daniel Welden maintained the stock with an Overweight rating and raised the price target from $1,230 to $1,250.
- Barclays analyst Benjamin Budish maintained the stock with an Overweight rating and cut the price target from $1,420 to $1,410.
- JP Morgan analyst Michael Cho maintained the stock with an Overweight rating and raised the price target from $1,435 to $1,449.
- Morgan Stanley analyst Mike Cyprys maintained the stock with an Overweight rating and raised the price target from $1,468 to $1,531.
Considering buying BLK stock? Here’s what analysts think:
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