Citi Reiterates Buy Rating, $240 PT On BLK

After the 3/29 close, Standard & Poors announced that BlackRock, Inc. (NYSE: BLK) will replace Genzyme Corp (NASDAQ: GENZ) in the S&P 500 Index effective after the 4/1 close, Citi reports.

“We see the news as a material positive for BLK and reiterate our Buy rating and $240 12-month target,” Citi writes. “Reiterate BLK/EV pair trade.”

BlackRock closed Tuesday at $186.50.