UPDATE: Sterne Agee Upgrades Blackstone Group to Buy on Attractive Valuation

Sterne Agee raises its rating on Blackstone Group

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.