Wells Fargo raised the firm’s price target on BlackRock (BLK) to $1,200 from $1,090 and keeps an Overweight rating on the shares following HPS deal. The firm cites another BlackRock move into private assets, and says it sees earnings from alts at 23% in 2026 vs 13% in 2023. HPS EPS accretion in 2026 is minimal, but the long-term opportunity is big, and shift to alts is multiple enhancing, Wells argues.
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Read More on BLK:
- Morgan Stanley says HPS deal adds fuel to BlackRock private markets growth engine
- AT&T announces long-term targets, BlackRock acquires HPS: Morning Buzz
- M&A News: BlackRock Will Acquire HPS for $12B in an All-Stock Deal
- BlackRock, HPS to form new private financing solutions business unit
- BlackRock to acquire HPS Investment Partners for about $12B
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
