Gabelli Reducing Estimates On BlackRock

Gabelli & Co. is out with a research report on BlackRock, Inc. BLK and is lowering its estimates on the company. In a note to clients, Gabelli & Co. writes, "We are reducing our 2011E and 2012P adjusted EPS estimates to $12.90 and $15.05, from $13.00 and $15.50 respectively, due to lower expected net inflows. BlackRock Advisory assets had outflows of $14.1 bn as clients accelerated sales of assets this quarter. Additional sales are likely to impact advisory revenue, despite steady growth of recurring Alladin fees. We are lowering our revenue assumptions on BLK Solutions to $470 mm in 2011 and $490 mm in 2012." Shares of BLK closed at $186.00 yesterday.