UPDATE: Citigroup Reiterates Buy Rating, Raises PT on The Blackstone Group LP Following Investor Lunch

In a report published Wednesday, Citigroup analyst William R. Katz reiterated a Buy rating on The Blackstone Group LP BX, and raised the price target from $33.00 to $35.00. In the report, Citigroup noted, “We affirm our Buy rating but raise our 12-month target $2 to a “Street” high $35 following BX-sponsored Sell Side luncheon with key senior executives on 12/17. We came away constructive on the allocation outlook, BX's positioning, ST upcycle for realizations and asset gathering, particularly in retail, the latter a likely point of differentiation in 2014, we believe. To reflect further share gains for the industry, outsized lift for BX, and greater confidence in ability to leverage global footprint. We see below average execution risk versus key peers, many of which are folding in deals and/or attempting to diversify into a similar model as BX.” The Blackstone Group LP closed on Tuesday at $29.81.