The bank reiterated a buy rating on the stock.
Against a tough macro backdrop, Bank of America thinks BlackRock can outperform. The bank reiterated a buy rating on "best-positioned" BlackRock. It did lower its price target to $858 from $921 on the stock, but the new forecast implies more than 37% upside from Tuesday's close. BlackRock stock has slumped nearly 12% in 2023. BLK YTD mountain BlackRock stock.
"This view is supported by BLK's industry-leading bond ETF business as we look for passive to win 60-70% of the fixed income rebalancing wave in 2024 after the Fed pause." The firm also noted that BlackRock's iShares ETF segment alone was responsible for more than $32 billion of net inflows in September, while commodities shed $2 billion in the same time period. Fixed income added $16 billion while equities gained $18 billion, BofA said.
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