UPDATE: Citi Downgrades BlackRock to Neutral

According to Citi, BlackRock BLK is downgraded to Neutral. Citi said that it raises the 12-month target $3 to $193 on combo slightly higher target P/E + roll forward of EPS estimates but reduce rating as ETR has thinned following recent run up. “We see BLK increasingly well positioned versus peers however, much of this advantage is priced in, we believe. We would look to get more aggressive around $160 given estimated 3%+ dividend yield.” BlackRock closed yesterday at $186.84.