Blackstone: Leading Private Markets Platform Poised for Robust EPS Growth and 50% Upside Through 2028

In a report released today, Michael Cyprys from Morgan Stanley reiterated a Buy rating on Blackstone Group, with a price target of $215.00.

Michael Cyprys has given his Buy rating due to a combination of factors that highlight Blackstone’s favorable positioning in a strengthening market environment. He views Blackstone as a leading private markets platform that is well placed to benefit from the ongoing recovery in capital markets and an expected rebound in commercial real estate, which together should support robust earnings growth through 2028. In his view, Blackstone’s powerful brand, scale, product range, and strong track record make it one of the best candidates to capture rising allocations from private wealth and insurance clients, including future retirement and 401(k) flows. He also emphasizes that the firm’s significant exposure to infrastructure and data-center investments positions it to benefit from the large capital needs associated with the AI-driven build-out of real assets.

Michael Cyprys also points to easing headwinds in real estate, supported by constrained new supply, slower construction activity, and a policy backdrop geared toward lower interest rates, as additional drivers of value for Blackstone’s portfolios. He notes that fundraising momentum, an expanding IPO and deal pipeline, rising realization activity, and accelerating base management fees should all contribute to higher profitability and margin expansion over the next several years. Based on his projections, these dynamics support a roughly 21% compound annual growth rate in earnings per share through 2028 and justify a price target that implies about 50% upside from current levels. Combined with Blackstone’s strong balance sheet, nearly $200 billion of deployable capital, and multiple early-stage growth avenues, these factors underpin his conviction in maintaining an Overweight/Buy rating on the stock.

In another report released today, Bank of America Securities also maintained a Buy rating on the stock with a $158.00 price target.