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The Blackstone Group L.P. Message Board

  • lawstuff22 lawstuff22 Oct 14, 2013 10:22 AM Flag

    BX price raised today...tgt...$30

    Credit Suisse raises price target to $30 from $27...Outperform rating

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    • Blackstone: We modestly trim both of our 3Q cash earnings and ENI estimates for Blackstone to reflect slower than expected realization activity and less robust investment performance within Blackstone’s Private Equity portfolio. We are now expecting Blackstone to generate $0.26 of distributions and $0.52 of ENI per share for 3Q. Looking forward, we raise our fourth quarter, 2014 and 2015 estimates by 5-10%, on average, to account for a more constructive outlook for realizations, most notably in Blackstone’s Real Estate business. Factoring in the more positive forward outlook, we raise our BX target price to $30 (old: $27).

    • Credit Suisse comments: We modestly trim both of our 3Q cash earnings and ENI estimates for Blackstone to reflect slower than expected realization activity and less robust investment performance within Blackstone’s Private Equity portfolio. We are now expecting Blackstone to generate $0.26 of distributions and $0.52 of ENI per share for 3Q. Looking forward, we raise our fourth quarter, 2014 and 2015 estimates by 5-10%, on average, to account for a more constructive outlook for realizations, most notably in Blackstone’s Real Estate business. Factoring in the more positive forward outlook, we raise our BX target price to $30 (old: $27).

 
BX
33.92-0.09(-0.26%)Dec 26 4:02 PMEST

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