UPDATE: Nomura Raises PT to $212 on BlackRock on Solid Earnings Report

Nomura reiterated its Buy rating on BlackRock

and increased its price target from $201 to $212. Nomura said, "AUM and flows are growing, expenses are well managed, there's a ~3.2% dividend yield and ongoing buybacks, and the stock is still attractive, in our view. Total AUM grew 3% QoQ to $3.67T and long-term AUM grew 4% q/q to $3.38T. Net organic growth was 3.8% excluding a single low-fee outflow. Operating margins rose 150bp QoQ to 40.7% and operating leverage was +100bp q/q and +400bp y/y. The BlackRock story remains intact with strong positioning and legit growth drivers, good expense control and steady capital return, we maintain our Buy rating and raise our price target." BlackRock closed at $189.13 on Wednesday.