Blackstone Inc (NYSE:BX) reported weaker-than-expected sales results for its second quarter.
Blackstone reported quarterly revenues of $2.35 billion, down 43% Y/Y and missing the consensus of $2.41 billion. Distributable earnings (DE) fell 43% Y/Y to $1.35 billion, mainly on a 64% Y/Y decline in DE from the real estate business.
Blackstone shares fell 0.6% to close at $107.51 on Thursday and lost 1.4% in today’s pre-market trading.
These analysts made changes to their price targets on Blackstone following earnings announcement.
- Barclays boosted the price target on Blackstone from $101 to $110. Barclays analyst Benjamin Budish maintained an Equal-Weight rating.
- Piper Sandler increased the price target on Blackstone from $107 to $115. Piper Sandler analyst Sumeet Mody maintained an Overweight rating.
- Evercore ISI Group increased Blackstone price target from $110 to $118. Evercore ISI Group analyst Glenn Schorr maintained the stock with an Outperform.
- B of A Securities raised Blackstone price target from $105 to $117. B of A Securities analyst Craig Siegenthaler maintained the stock with a Buy.
- JP Morgan raised Blackstone price target from $102 to $111. JP Morgan analyst Kenneth Worthington downgraded the stock from Overweight to Neutral.
- Wells Fargo boosted Blackstone price target from $104 to $118. Wells Fargo analyst Timothy O'Shea maintained the stock with an Overweight rating.
- BMO Capital raised Blackstone price target from $93 to $97. BMO Capital analyst Rufus Hone maintained the stock with a Market Perform.
Now Read This: American Express, SLB And 3 Stocks To Watch Heading Into Friday
