- Bank of America gives BlackRock (NYSE:BLK) credit for a strong quarter that saw revenue top expectations and well-controlled expenses.
- "Overall, solid results in a tough backdrop, and given expectations for a healthy flow/growth outlook over time and active capital return and expense management," sums up analyst Michael Carrier.
- The firm keeps a Buy rating on BlackRock and price objective of $633 (22X the 2021 EPS estimate). The price objective is above the average sell-side price target on BlackRock of $604.11.
- Shares of BlackRock are up 1.71% premarket to $576.66.
- Previously: BlackRock pulls in $100B of net inflows in Q2 (July 17)