Blackstone Analysts Increase Their Forecasts After Q3 Earnings

Blackstone Inc BX reported better-than-expected third-quarter financial results on Thursday.

Blackstone reported third-quarter fiscal year segment revenues of $2.434 billion, slightly beating the consensus of $2.408 billion. Distributable earnings (DE) rose 6% year-over-year to $1.279 billion. Fee-related earnings increased 5% to $1.18 billion.

"We invested or committed $54 billion in the quarter — the highest in over two years — and deployed $123 billion in the last twelve months since the cost of capital peaked," Blackstone CEO and Chairman Stephen A. Schwarzman said. "The third quarter also represented the highest amount of overall fund appreciation in three years, and our limited partners entrusted us with over $40 billion of inflows. Blackstone is exceptionally well positioned as the reference firm in the alternatives industry, with leading platforms in compelling, high-growth areas."

Blackstone shares gained 2.9% to trade at $74.12 on Thursday.

These analysts made changes to their price targets on Blackstone following earnings announcement.

• Wells Fargo analyst Michael Brown maintained Blackstone with an Overweight and raised the price target from $169 to $188.
• BMO Capital analyst Etienne Ricard maintained the stock with a Market Perform and boosted the price target from $112 to $134.
• Barclays analyst Benjamin Budish maintained Blackstone with an Equal-Weight and raised the price target from $155 to $174.
• Goldman Sachs analyst Alexander Blostein maintained Blackstone with a Neutral and raised the price target from $135 to $150.
• JP Morgan analyst Kenneth Worthington maintained Blackstone with a Neutral and raised the price target from $125 to $146.
• TD Cowen analyst Bill Katz maintained the stock with a Hold and raised the price target from $133 to $149.

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