Jefferies Puts $22 Price Target On Blackstone

According to Jefferies, Blackstone Group BX price target is $22. Jefferies said that unrealized performance fees within the company's real estate portfolio and transaction fees drove quarterly ENI of $0.63 compared to our estimate of $0.42 and consensus of $0.33. “Our $22 price target reflects a combination of a higher multiple (20x) on 2012 forward earnings attributed to a relatively stable base net management fees and a discounted multiple (10x) attributed to more variable net performance fees.” Blackstone Group closed yesterday at $17.00.