BlackRock (NYSE:BLK) Coverage Initiated by Analysts at Wells Fargo & Company

Key Points

• Wells Fargo initiated coverage of BlackRock with an “overweight” rating and a $1,245 price target, implying 17.48% upside from the prior close.
• Analysts remain broadly positive, with BlackRock receiving a “Moderate Buy” consensus rating and an average price target of $1,304.35 from 18 analysts.
• BlackRock recently beat quarterly expectations, reporting $13.91 in EPS and $7.08 billion in revenue; revenue increased 30.6% year over year.

Stock analysts at Wells Fargo & Company initiated coverage on shares of BlackRock (NYSE:BLK - Get Free Report) in a research note issued to investors on Friday, MarketBeat reports. The brokerage set an "overweight" rating and a $1,245.00 price target on the asset manager's stock. Wells Fargo & Company's price objective would suggest a potential upside of 17.48% from the company's previous close.

BLK has been the topic of several other reports. BMO Capital Markets increased their price target on shares of BlackRock from $1,250.00 to $1,300.00 and gave the company an "outperform" rating in a research report on Friday, July 17th. Barclays upped their price objective on shares of BlackRock from $1,340.00 to $1,450.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. Zacks Research downgraded BlackRock from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 25th. UBS Group increased their target price on shares of BlackRock from $1,270.00 to $1,320.00 and gave the stock a "buy" rating in a research report on Thursday, July 16th. Finally, JPMorgan Chase & Co. raised BlackRock from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $1,165.00 to $1,364.00 in a research report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $1,304.35.

BlackRock Stock Down 0.4%

BLK stock opened at $1,059.72 on Friday. The company has a fifty day moving average price of $1,111.19 and a 200 day moving average price of $1,054.44. BlackRock has a 12 month low of $917.39 and a 12 month high of $1,219.94. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.59 and a quick ratio of 3.59. The company has a market cap of $164.12 billion, a price-to-earnings ratio of 25.33, a price-to-earnings-growth ratio of 1.17 and a beta of 1.41.

BlackRock (NYSE:BLK - Get Free Report) last posted its quarterly earnings data on Wednesday, July 15th. The asset manager reported $13.91 earnings per share for the quarter, beating analysts' consensus estimates of $12.69 by $1.22. The firm had revenue of $7.08 billion for the quarter, compared to analyst estimates of $6.73 billion. BlackRock had a net margin of 24.09% and a return on equity of 14.90%. BlackRock's quarterly revenue was up 30.6% on a year-over-year basis. During the same period last year, the firm posted $12.05 EPS. Sell-side analysts expect that BlackRock will post 55.9 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new position in BlackRock during the second quarter valued at about $9,747,857,000. State Street Corp grew its holdings in shares of BlackRock by 0.5% during the 4th quarter. State Street Corp now owns 6,264,545 shares of the asset manager's stock worth $6,705,193,000 after purchasing an additional 33,752 shares in the last quarter. Corient Private Wealth LLC raised its stake in shares of BlackRock by 5,190.3% in the fourth quarter. Corient Private Wealth LLC now owns 5,490,422 shares of the asset manager's stock valued at $5,876,618,000 after purchasing an additional 5,386,640 shares in the last quarter. Temasek Holdings Private Ltd lifted its position in BlackRock by 4.7% in the first quarter. Temasek Holdings Private Ltd now owns 5,330,492 shares of the asset manager's stock worth $5,126,387,000 after purchasing an additional 237,667 shares during the period. Finally, Bank of America Corp DE boosted its position in shares of BlackRock by 0.7% during the 1st quarter. Bank of America Corp DE now owns 5,232,973 shares of the asset manager's stock valued at $5,032,603,000 after acquiring an additional 35,069 shares in the last quarter. Institutional investors and hedge funds own 80.69% of the company's stock.

Trending Headlines about BlackRock

Here are the key news stories impacting BlackRock this week:

• Positive Sentiment: BlackRock expects continued asset growth in Brazil regardless of the country’s election outcome, with management reportedly targeting approximately 30% growth. This supports the company’s international expansion and fee-generating asset base. BlackRock expects to sustain asset growth in Brazil regardless of election outcome
• Positive Sentiment: Analysts remain broadly constructive ahead of BlackRock’s October 14 earnings report, forecasting about $14.25 in third-quarter EPS and $7.56 billion in revenue. The outlook could provide a catalyst if results exceed expectations. BlackRock Gears Up For Q3 Print
• Positive Sentiment: BlackRock’s digital-asset initiatives continue to expand: tokenized BlackRock shares are being brought to Solana, while the BUIDL fund is expanding its multi-chain infrastructure. These developments may strengthen the firm’s position in tokenized securities and blockchain-based cash management. Backpack brings tokenized BlackRock shares to Solana

About BlackRock

BlackRock, Inc is a global investment management and financial technology company serving individual investors, institutions, governments and financial professionals. The company provides investment management, risk management and advisory services across a broad range of asset classes, including equities, fixed income, multi-asset strategies, alternatives and cash management.

BlackRock offers investment products through mutual funds, exchange-traded funds and other vehicles. Its iShares brand is one of the company's principal platforms for exchange-traded funds, providing access to domestic and international markets, industry sectors, bonds, commodities and specialized investment strategies.

The company also provides technology and analytical solutions through its Aladdin platform, which is used by asset managers, institutional investors and other financial organizations for portfolio management, risk analysis, trading and operational support.

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