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BlackRock Inc. (NYSE:BLK) posted a stronger-than-expected third-quarter performance, fueled by rising performance fees and solid margin expansion, with assets under management climbing to $13.5 trillion.
The firm’s robust organic base fee growth and favorable revenue mix underscore its ability to drive operating leverage, positioning it for continued momentum into year-end.
Following the results, Goldman Sachs analyst Alexander Blostein reiterated a buy rating with a price forecast of $1,312.
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BlackRock reported revenue growth of 25% year-over-year (Y/Y) to $6.51 billion, beating the consensus of $6.22 billion. Adjusted EPS increased 1% Y/Y to $11.55, beating the consensus of $11.26.
CEO Larry Fink emphasized the company’s growing focus on blockchain and tokenization. He said that the cryptocurrency market will grow “rapidly” as the firm builds proprietary tokenization technology to move traditional assets on-chain.
The analyst believes that the market will view BlackRock’s continued organic growth in base fees and margin expansion as positives.
Blostein expects this momentum to carry into the fourth quarter, supported by seasonal tailwinds and the previously announced Citi (NYSE:C) mandate ($80 billion at 15-20bps).
The analyst also anticipates the market to pay close attention to management’s commentary on further operating leverage heading into late 2025 and 2026.
Investors can gain exposure to the stock via Fidelity Disruptive Finance ETF (NASDAQ:FDFF) and Spinnaker ETF Series WarCap Unconstrained Equity ETF (NYSE:WCAP).
Price Action: BLK shares were trading higher by 1.58% to $1,173.32 at last check Tuesday.
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