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Home » Blackstone » CFRA Lowers Opinion On Shares Of Blackstone, Inc. To Hold From Buy

CFRA Lowers Opinion On Shares Of Blackstone, Inc. To Hold From Buy

Posted on October 20, 2023 By legume No Comments on CFRA Lowers Opinion On Shares Of Blackstone, Inc. To Hold From Buy

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We see BX facing a moderating outlook, with higher-for-longer rates impacting fee earnings, fundraising, and investment realizations. Using a narrower risk premium, we lower our target by $18 to $107 on a forward P/E of 18.8x, in line with the five-year historic average at 18.7x. Based on distributed earnings, we lower our EPS estimates in 2023 by $0.40 to $4.00 and ’24’s by $0.35 to $5.70, both below the consensus. BX posted Q3 2023 EPS of $0.94, a $0.10 earnings miss. Revenue declined 10% Y/Y in Q3 2023. We see total revenue of $10.85B in 2023 and $14.2B in 2024. For industry-realized financial metrics, performance revenues were -28% Y/Y, performance compensation -35%, and principal investment income -60%. Fund net inflows were only +$25B with the largest contributors in credit and insurance (+$10B) and real estate ($9B). AUM was $1.0T (+6%), fee earning AUM $735B (+4%), and perpetual capital $388B (+8%). Dry powder to invest available funds was $201B — an opportunity when macro conditions improve.

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