UPDATE: Susquehanna Raises PT on BlackRock Following 3Q13 Earnings Preview

In a report published Wednesday, Susquehanna International Group analyst Doug Sipkin reiterated a Neutral rating on

, and raised the price target from $270.00 t0 $279.00. In the report, Susquehanna International Group noted, “We are raising our 3Q13 estimate to $3.85 from $3.80. Our full-year estimates are now $15.84 and $17.44 compared to $15.68 and $16.81, previously. Our new target is $279 or 16x our new 2014 estimate. A sharp recovery in international markets and ETF flows drive the bulk of our revision. We estimate total flows of $21 billion driven by ETF flows of $17 billion, largely tied to equity. Strong EEM flows in September will likely help to reverse some fee pressure in 3Q. We are still modeling some incremental active equity outflows in the quarter to the tune of $1.5 billion. A recovery here would likely be a catalyst. Our margin target for the quarter is 41.6%. Reiterate Neutral.” BlackRock closed on Tuesday at $262.75.