UPDATE: J.P. Morgan Reiterates Overweight Rating, Raises PT on BlackRock on Reported 1Q13 EPS

In a report published Wednesday, J.P. Morgan analyst Kenneth B. Worthington reiterated an Overweight rating on BlackRock BLK, and raised the price target from $265.50 to $275.00. In the report, Worthington noted, “Yesterday, BLK reported 1Q13 diluted adjusted EPS of $3.65, beating our estimate of $3.51 and consensus of $3.57. 1Q13 adjusted EPS was up 16% compared to 2012, reflecting a 12% increase in operating income and a 9% increase in revenue compared to a year ago. We continue to see strength in iShares as well as other parts of the business including alternatives. While some segments are languishing (active equity) we think that BLK's product and revenue diversity is enough to keep the story strong, as evidence by this quarter's 40% adjusted margin. We reiterate our OW rating and raise our PT to $275.” BlackRock closed on Tuesday at $257.22.
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