Citi Increases PT On BX To $24 After Meetings With Management

Citi has increased its price target on Blackstone Group L.P. BX from $23.50 to $24 and maintains its Buy rating on the stock after meeting with the companies management. Citi writes about the meetings, “Meetings were constructive around: 1) strategic positioning & market share potential; 2) new business development; 3) dry powder deployment; 4) performance; 5) operating margins; and, 6) ultimately cash realizations – though the latter seemingly 2012+ events. BX management reiterated two key themes: 1) they are seeing accelerating evidence of LPs concentrating market share gains among the more diversified, seasoned GPs, particularly among major non-US investors; and, 2) the breadth of BX's products + strong investment track record continue to separate the firm from peers. We see these trends differentiating BX into 2011-12.” BX closed Friday at $18.49.