Gabelli is out with its report today on BlackRock BLK, maintaining Buy.
In a note to clients, Gabelli writes, "On May 19, 2011, BlackRock announced that it will repurchase Bank of America's remaining 13.6 million Series B Convertible Preferred Shares for approximately $2.545 billion or $187.65 per share. We believe this is a positive catalyst for the company and are increasing our 2011E and 2012P earnings estimates to $13.00 and $15.70 per share from $12.75 and $14.95 per share to reflect the lower share count offset by higher interest cost."
Shares of BLK closed Thursday at $198.10.
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