Sterne Agee raises its rating on Blackstone Group BX and maintains its price target at $18.
Sterne Agee says, "We are upgrading the shares of BX to Buy from Neutral. We view the disconnect between the share performance and underlying fundamentals as excessive. While the near-term performance fee realization outlook is muted, we believe it is more
than fully reflected in the units at this point. No change to our $18 target price."
BX closed at $11.99 on Tuesday.
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