Blackstone Inc (NYSE:BX) delivered strong third-quarter results, and management's tone was bullish on the near-term and longer-term outlook, according to JMP Securities.
The Blackstone Analyst: Analyst Brian McKenna reiterated a Market Outperform rating and a $195 price target.
The Blackstone Thesis: The company reported earnings of $1.52 per share, topping consensus of $1.22 per share, McKenna said in the note.
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Net realizations rose 34% from the prior four-quarter average to $505 million and came in meaningfully higher than expectations of $350 million, he added.
Blackstone's fundraising came in at $54 billion, representing the fourth consecutive quarter in which it has exceeded $50 billion, the analyst stated.
"Blackstone continues to execute at an incredibly high level and there are no signs of slowing of momentum across the firm, as management noted that the longer-term growth outlook for the business has never been stronger," he further wrote.
BX Price Action: Shares of Blackstone had risen by 2.06% to $97.49 at the time of publication on Friday.
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