BlackRock, Inc. (BLK) is gearing up to report its third-quarter earnings results on Friday, October 11, before the market opens. Wall Street analysts are expecting the San Francisco-based investment giant to report earnings of $10.38 per share, a slight decrease from the $10.91 per share earned in the same period last year. However, BlackRock projects revenue of $5.01 billion for the quarter, according to data from Benzinga Pro, indicating potential growth in its core business operations.
Just last month, on October 1, BlackRock announced the completion of its acquisition of Global Infrastructure Partners, a move that could further bolster its investment portfolio. This acquisition adds a new dimension to BlackRock’s offerings, expanding its reach into infrastructure investments.
BlackRock’s stock closed at $955.59 on Thursday, experiencing a minor dip of 0.1%. As investors eagerly await the earnings release, it’s worth noting the latest analyst ratings on BlackRock’s stock.
TD Cowen analyst Bill Katz maintained a Buy rating on BlackRock, raising the price target from $960 to $1,077 on October 10. Katz, who boasts an accuracy rate of 68%, is bullish on BlackRock’s prospects.
Wells Fargo analyst Michael Brown also maintained an Overweight rating, increasing the price target from $1,000 to $1,070 on October 9. Brown’s track record reflects an accuracy rate of 66%.
Barclays analyst Banjamin Budish echoed this sentiment, maintaining an Overweight rating and boosting the price target from $990 to $1,010 on October 7. Budish has an impressive accuracy rate of 83%.
Evercore ISI Group analyst Glenn Schorr maintained an Outperform rating, raising the price target from $945 to $995 on October 4. Schorr’s accuracy rate stands at 72%.
Goldman Sachs analyst Alexander Blostein, with an accuracy rate of 73%, also maintained a Buy rating, increasing the price target from $960 to $1,040 on October 3.
The consensus among these analysts points toward a positive outlook for BlackRock. The majority of these analysts have raised their price targets, indicating confidence in the company’s ability to deliver strong earnings and maintain its market position. As BlackRock prepares to unveil its third-quarter results, investors will be closely watching for insights into the company’s growth trajectory and future prospects.
