These Analysts Increase Their Forecasts On Blackstone Following Q2 Results

Blackstone Inc BX reported an increase in earnings for its second quarter fiscal year 2024 on Thursday.

The company posted adjusted revenues of $2.796 billion, beating the consensus of $2.619 billion. Distributable earnings per share of 96 cents (+3% Y/Y), missing the consensus of 98 cents, according to data from Benzinga Pro.

Asset under management rose 7% Y/Y to $1.076 trillion, with inflows of $39.4 billion in the quarter.

Blackstone declared a quarterly dividend per share of $0.82, payable on August 5, 2024, to shareholders of record as of July 29, 2024.

Blackstone shares rose on Friday following a report suggesting the company is considering a sale of its minority stake in HH Global.

Blackstone shares gained 2.3% to trade at $139.59 on Friday.

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

• Piper Sandler analyst Crispin Love maintained Blackstone with an Overweight rating and raised the price target from $134 to $149.
• TD Cowen analyst Bill Katz maintained the stock with a Hold rating, while increasing the price target from $114 to $120..
• B of A Securities analyst Craig Siegenthaler maintained Blackstone with a Buy rating, while boosting the price target from $130 to $145.

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