UPDATE: Jefferies Reiterates Buy Rating, Raises PT on The Blackstone Group on 1Q13 Preview

In a report published Monday, Jefferies analyst Daniel T. Fannon reiterated a Buy rating on The Blackstone Group BX, and slightly raised the price target from $22.00 $23.00. In the report, Fannon noted, “Activity levels were up in the quarter with multiple secondaries and exits including one IPO (Pinnacle Foods). Against an improving backdrop for deal activity as well as continued strong demand for alternatives, BX is well positioned for continued strong growth. While exits in the real estate portfolio have been limited ytd, we do expect this segment to drive the majority of growth in 2013.” The Blackstone Group closed on Friday at $21.22.