Multiple Wall Street analysts are sticking by their bullish calls on Blackstone despite a disappointing third quarter, telling investors that now is the time to buy the stock. Shares of Blackstone fell nearly 8% on Thursday after earnings and revenue came in short of estimates, according to FactSet’s StreetAccount. The stock is now down 18% since its recent high on Sept. 19. BX 3M mountain Blackstone’s stock has fallen sharply over the past month. But Oppenheimer analyst Chris Kotowski said in a note to clients Friday that the move in the alternative asset manager’s stock is an overreaction and that investors should buy the dip. “BX shares are down ~8% on earnings day (vs S & P 500 down ~1%) and our message is simple: This is one of those opportunities the market occasionally hands you when people freak out about nothing,” said Kotowski, who has an outperform rating and a $105 price target on the stock. That is down from $107 previously but still almost 11% above where Blacksone shares closed Thursday. “Investing in the private equity (PE) based ‘Alts’ requires taking a long view; there is quite literally almost nothing about the future to be divined from a single quarter. Trying to do so is essentially like trying to project the winner of the world series from the first inning of the first game,” Kotowski added. Bank of …
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