BlackRock Analysts Raise Their Forecasts Following Upbeat Earnings

Author: Avi Kapoor | July 16, 2024 08:31am

BlackRock, Inc. (NYSE:BLK) reported better-than-expected second-quarter earnings on Monday.

Revenue growth of 8% Y/Y to $4.805 billion, missing the consensus of $4.849 billion. Adjusted EPS increased 12% Y/Y to $10.36, beating the consensus of $9.93, according to data from Benzinga Pro.

BLK's Board of Directors paid a quarterly cash dividend per share of $5.10 and repurchased shares worth $500 million in the quarter.

"Organic growth was driven by private markets, retail active fixed income, and surging flows into our ETFs, which had their best start to a year on record." Laurence D. Fink, Chairman, and CEO said. "We are on pace to close our planned acquisition of Global Infrastructure Partners in the third quarter of 2024, which is expected to double private markets base fees and add approximately $100 billion of infrastructure AUM. And just a few weeks ago, we announced our agreement to acquire Preqin, a leading private markets data provider."

BlackRockshares fell 0.6% to close at $822.96 on Monday.

These analysts made changes to their price targets on BlackRock after the company reported quarterly results.

• Keefe, Bruyette & Woods analyst Aidan Hall maintained BlackRock with an Outperform and raised the price target from $915 to $934.
• Morgan Stanley analyst Mike Cyprys maintained BlackRock with an Overweight rating, while increasing raises the price target from $1,013 to $1,036.

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Posted In: BLK