JP Morgan Maintains Overweight Rating for BlackRock: Here's What You Need To Know

JP Morgan has decided to maintain its Overweight rating of BlackRock BLK and lower its price target from $736.00 to $708.00.

Shares of BlackRock are trading up 1.72% over the last 24 hours, at $638.46 per share.

A move to $708.00 would account for a 10.89% increase from the current share price.

About BlackRock

BlackRock is the largest asset manager in the world, with $9.425 trillion in AUM at the end of June 2023. Product mix is fairly diverse, with 53% of the firm's managed assets in equity strategies, 28% in fixed income, 8% in multi-asset class, 8% in money market funds, and 3% in alternatives. Passive strategies account for around two thirds of long-term AUM, with the company's ETF platform maintaining a leading market share domestically and on a global basis. Product distribution is weighted more toward institutional clients, which by our calculations account for around 80% of AUM. BlackRock is also geographically diverse, with clients in more than 100 countries and more than one third of managed assets coming from investors domiciled outside the U.S. and Canada.

About Analyst Ratings

Analysts work in banking and financial systems and typically specialize in reporting for stocks or defined sectors. Analysts may attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish "analyst ratings" for stocks. Analysts typically rate each stock once per quarter.

Some analysts will also offer forecasts for metrics like growth estimates, earnings, and revenue to provide further guidance on stocks. Investors who use analyst ratings should note that this specialized advice comes from humans and may be subject to error.

If you want to keep track of which analysts are outperforming others, you can view updated analyst ratings along with analyst success scores in Benzinga Pro.

This article was generated by Benzinga's automated content engine and reviewed by an editor.