Citi has published a report on the Blackstone Group BX raising the target price from $22 to $24.
In the report, Citi wrote, "We raise our 2011-13 ENI estimates following sharply better
than forecast 2Q (see our 7/21 note, 2Q11 Initial Look -- Gangbusters After All; Favorite
Alts Name) + increase our 12-month SOTP target $2 to $24 and add to TPL! as our top
L/C pick. BX delivered robust ENI beat despite particularly volatile capital markets in
2Q further validating the model; carried interest taxation risks seem overplayed; and we
see strong momentum across each of the businesses as well as across capital raise
and realization cycles. We believe the combination of these factors should re-ignite a
rally in the shares following the recent pullback while the diversification of the business."
Citi rated the Blackstone group a BUY with a price target of $24.00. The Blackstone Group closed Thursday at $17.00.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsAsset Management & Custody BanksBlackstone GroupCitigroupFinancials
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