Seeing 'Good Value,' KBW Raises Blackstone Group Price Target (BX)

Keefe, Bruyette & Woods Inc., seeing "good value" in shares of The Blackstone Group BX, raised its price target this morning. KBW, which maintains an Outperform rating on The Blackstone Group, raised its price target to $18.50 from $17. Keefe, Bruyette & Woods analysts contend that "the sharp selloff in the stocks of alternative managers in Q2 was way over done and there is good value in the group." Despite "Blackstone's revenues and earnings [being] highly sensitive to the investment performance of the company's underlying investment products," KBW "expect[s] flows generally remained positive." Shares of The Blackstone Group fell nearly 2% in Monday trade.