BlackRock Surging After Upgrade (BLK)
Shares of asset manager, BlackRock Inc. (NYSE: BLK) are surging today after an upgrade from Credit Suisse. Analyst Craig Siegenthaler said that he expects the firm to increase their assets under management by 9.2% to $3.5 trillion in 2010 and by 11% in 2011. Credit Suisse raised their rating from Neutral to Outperform. Siegenthaler wrote that he believes the increase in AUM will come from ETF products as well as retiree-payout markets.
Last year, BlackRock bought Barclays ETF unit for $15.5 billion, making the firm the worldwide leader in ETFs. During the current session, BLK shares have gained 5.42% and are trading at $223.86. BlackRock is considered a potential suitor for GMAC's Residential Capital mortgage-lending unit, and this may be lending the stock a bid today as well.
