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).
Let's see, Value = PW of expected earnings...... Long term earnings should increase, with realization of sales and IPO's. Not to mention Fee income and earnings since portfolio is in the sweet spot. My call is $35 by Jan 2015!! Plus significant distribution growth!!