UPDATE: Bank of America Raises PO on BlackRock to $229, Maintains Buy
Bank of America reiterates its Buy rating on BlackRock (NYSE: BLK) and raises its price objective to $229, up 5%, to reflect higher estimates following a strong quarter.
Bank of America says, "We are raising estimates slightly (2%+) following a solid quarter in which BLK had outsized inflows of $24.6bn. (2.9% annualized organic growth) thanks to its allweather product mix of ETFs, index, and active products. Most of the flows were to iShares, as BLK benefited from the industry's move toward ETFs and passive. This trend may take a breather in 1Q as investors contribute to 401(k)s, but longer term we expect BLK's strength in ETFs and passive to be a strategic advantage."
BLK closed at $182.82 a share on Friday.
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