UPDATE: Bank of America Reinstates Coverage of Blackstone Group with a Neutral Rating and $17 PO

Bank of America has reinstated coverage of Blackstone Group LP BX with a Neutral rating and $17 price objective. Bank of America noted, "[We] are reinstating coverage of Blackstone, a leading global alternative asset manager, with a Neutral rating and a $17 PO. Blackstone is one of the most diversified alternative asset managers in the industry, with products spanning private equity (PE), real estate (RE), credit, and hedge fund-of-funds (HFoF). While BX is well positioned over the long run given its diversity, strong performance, impressive fundraising, and an expected pick up in distributions, we see limited near term upside given some performance bumps (BCP V) & moderating fundraising (though still decent)." Blackstone Group closed at $14.81 on Wednesday.