Wells Fargo Maintains Outperform on BlackRock

Wells Fargo is out with its report today on BlackRock BLK, maintaining Outperform. In a note to clients, Wells Fargo writes, "We are lowering our 2011 adjusted EPS estimate from $12.83 to $12.66 and our 2012 adjusted EPS estimate from $14.58 to $14.35. For the period April 1 through June 30, the S&P 500 declined 0.39% and the MSCI world index declined 2.47%. We've adjusted our estimates for the weaker equity markets during the quarter, which lowers average AUM throughout our forecast period. We are also reducing our valuation range from $218-230 to $215-226. Maintain Outperform rating." Shares of BLK closed Thursday at $191.81.