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The Blackstone Group L.P. Message Board

  • carolyn_novice carolyn_novice May 6, 2013 5:16 PM Flag

    Credit Suisse Outperform BX @ 22.49

    Analyst Actions: Blackstone Reiterated Outperform at Credit Suisse; Shares Hit 52-Week Top, Now Up 3%
    BY Midnight Trader
    — 2:33 PM ET 05/06/2013
    02:33 PM EDT, 05/06/2013 (MidnightTrader) -- Coverage of Blackstone Group (BX
    ) was reiterated with an Outperform rating by analysts at Credit Suisse. Shares are up 3.2% to $22.45, trading below a new 52-week high of $22.52 set earlier today.
    Credit Suisse Says: "Key Takeaways from Blackstone Investor Day"
    "On Friday, May 3, Blackstone hosted an Investor Day-while we have long respected the Blackstone franchise, we came away from the Day with an even deeper appreciation of what we believe makes Blackstone great: 1) the diversity across several businesses and geographies; 2) the firm's scale and leadership within those businesses; 3) a long track record of top-tier investment returns; 4) management depth; and 5) an unwavering culture of performance and innovation. We believe the ultimate output of all that for BX unitholders should be robust, sustainable and accelerating cash earnings generation and best-in-class franchise growth over the next several years and through the course of the cycle. Within our note, we provide more thoughts on each of these key tenants and provide business-by-business unit presentation highlights. Post the Investor Day, we reiterate our Outperform rating-we view Blackstone as a best-in-class alternative asset management firm and see further re-rating for BX units as we shift further into the realization/harvesting cycle.

    "Long-Term Strategic Vision. Management's ultimate focus is to drive outstanding results for investors and clients by deploying capital and ideas that help businesses succeed and grow. Helping to fuel that growth over time are increasingly powerful secular, market and regulatory tailwinds underpinning both the business and competitive landscape.
    "Estimates/Target Price. Post the Investor Day, we maintain our Outperform rating and forward estimates on BX shares. We recently raised our estimates. Our 2013-2015 cash earnings estimates are $1.65, $1.90 and $1.70 and dividend distributions of $1.30, $1.50 and $1.40."

    Sentiment: Buy

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25.83-0.22(-0.84%)Sep 23 4:01 PMEDT