BlackRock: Jefferies confirms Buy rating

(CercleFinance.com) - Jefferies confirms its Buy rating on BlackRock shares, with an unchanged target price of $925.


Following Q4 2023 results, Jefferies has raised its Q1 2024 EPS estimate from $8.84 to $8.94, with that for FY 2024 up from $38.65 to $39.35, reflecting higher exit asset levels and slightly better fee rates.

Looking ahead, the transformative M&A hurdle for the stock has been removed, and reduced client flow risk should begin to drive improved asset flows, the broker says.

BlackRock, the world's largest asset manager, reported Q4 2023 adjusted net income that is up 7% y-o-y at $1.45bn, or $9.66 per share (+8%).


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