Why Blackstone Stock Blasted Higher Today
Shares of sprawling alternative investment management company Blackstone (NYSE: BX) rose Monday on news of an analyst's recommendation upgrade. The move pushed Blackstone's stock price nearly 5% higher, a rate that was well above the 0.6% gain of the S 500 (SNPINDEX: ^GSPC) on the day.
The upgrading party was Swiss bank UBS, in the person of analyst Brennan Hawken. The pundit lifted his Blackstone recommendation to buy from neutral Monday morning, with a price target of $180 per share. This anticipates upside of almost 22% on the stock's current level.
According to reports, Hawken believes the recent and quite aggressive sell-off by the market was unjustified, and has left the shares valued quite attractively. He wrote that the company's Blackstone Real Estate Investment Trust (BREIT) is a valuable asset that has unjustifiably attracted negative attention.
Source Fool.com
