Blackstone rises after TD Cowen upgrades to 'buy'

Blackstone Real Estate Income Trust

09/12/2024 12:43

** Alternative asset manager Blackstone's  BX.N  shares rise
~1% to $188.81 premarket
    ** Brokerage TD Cowen upgrades rating on stock to "buy" from
"hold", seeing benefits from more retail investors, insurance
outsourcing, and rising real asset demand
    ** Says Blackstone Real Estate Income Trust (BREIT) and
Blackstone Private Equity Strategies Fund (BXPE) are driving
more retail investment
    ** Also says there is a rise in realization in real estate
and private equity, along with a margin expansion in Fee-Related
Earnings (FRE) after a static 2024; raises PT to $230 from $149
    ** Says investors could shift the approach to valuing BX
from Sum-of-the-Parts (SOTP) to Price/Distributable Earnings
(P/DE), leading to a more favorable PEG (Price/Earnings to
Growth) ratio vs S&P 500
    ** Nine of 24 brokerages rate the stock "buy" or higher, 14
"hold" and one "sell"; with a median PT of $169
    ** Up to Friday's close, stock has risen ~43% YTD

 (Reporting by Neil J Kanatt in Bengaluru)
 ((Neil.JKanatt@thomsonreuters.com;))