BlackRock Top Pick At Citi (BLK)

Citi Investment Research has a Buy rating and a $250 price target on shares of BlackRock, Inc. BLK. In a note to clients, Citi writes, "Despite (above average) 37.5% quarterly dividend hike, clear signs of flow gains, decelerating merger flow dissynergies, SPX inclusion, rising 2011-13 EPS estimates, 6% YTD SPX rise, dissipating ETF commoditization risk and the potential for significant buyback potential, BLK is essentially flat YTD. The absence of follow through offers compelling buying opportunity – but should also prove defensive should US equities markets correct ST, we believe. At 14.4x 2011 (vs. peers at 15x) and ~3% yield vs. peers ~1.5%." Shares of BLK lost $2.54 yesterday to close at $191.47, a loss of 1.3%.