BlackRock ‘core’ EPS closer to $9.75 in Q1, says TD Cowen

TD Cowen analyst Bill Katz says that excluding about $1.25 in tax benefits and adjusting for elevated non-operating income, the firm pencils in about $9.75 of “core” EPS for BlackRock (BLK) in Q1, versus the $11.30 in adjusted EPS, as reported. The firm, which expects the stock to “trade mixed as investors wade through unusual items” in a “particularly noisy” quarter, adds that the “core” story is intact and it keeps a Buy rating and $1,032 price target on BlackRock shares.