KBW cuts Blackstone to market perform from outperform
Keefe, Bruyette Woods analyst Robert Lee cut his rating on private equity firm Blackstone Inc. to market perform from outperform and lowered his price target on the stock to $115 a share from $127 a share. "We see few current avenues for its premium valuation to expand in the current environment and strong fee-related earnings growth may already be substantially reflected in BX''s valuation," Lee said in a note distributed on Sunday. A recent drop in Blackstone''s stock price "reflects wariness over new business and performance trends in wealth products" and a weak outlook for near-term performance fees, Lee said. Shares of Blackstone Group fell 2.6% on Tuesday. The stock is down 26.8% in 2022 compared to a drop of 17.7% by the SP 500 . Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
KBW cuts Blackstone to market perform from outperform
Keefe, Bruyette Woods analyst Robert Lee cut his rating on private equity firm Blackstone Inc. to market perform from outperform and lowered his price target on the stock to $115 a share from $127 a share. "We see few current avenues for its premium valuation to expand in the current environment and strong fee-related earnings growth may already be substantially reflected in BX''s valuation," Lee said in a note distributed on Sunday. A recent drop in Blackstone''s stock price "reflects wariness over new business and performance trends in wealth products" and a weak outlook for near-term performance fees, Lee said. Shares of Blackstone Group fell 2.6% on Tuesday. The stock is down 26.8% in 2022 compared to a drop of 17.7% by the SP 500 . Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.