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BlackRock (BLK) is undervalued by about 20% even if it has to cut fees on its line of iShares...

BlackRock (BLK) is undervalued by about 20% even if it has to cut fees on its line of iShares ETFs, says Bernstein's Luke Montgomery, maintaining his Market-Perform rating on the stock. Yes, the firm will lose income initially, but the lower costs should help bump AUM over time.
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