Citi Investment Research is retaining its Buy rating and $210 price target on shares of BlackRock Inc BLK.
In a note sent to clients, Citi writes, "Call raised comfort around: 1) margin expansion into 2012; 2) likely sizeable dividend hike into 2011 and incremental stock repurchase; 3) systematic risk; 4) organic growth potential; and, 5) ETF pricing commoditization. The shares have remained range bound since the 11/3 secondary yet strategic positioning is rising and news flow should continue to get stronger. We would use the slackness as a purchasing opportunity – we also reiterate our long BLK/underweight (EV.N; US$30.60; 3M) trade – eight factors fuel our conviction on this trade."
Shares of BLK lost $2.11 yesterday to close at $166.87, a loss of 1.25%.
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