BlackRock price target raised to $1,396 from $1,224 at BofA

BofA analyst Craig Siegenthaler raised the firm’s price target on BlackRock (BLK) to $1,396 from $1,224 and keeps a Buy rating on the shares. Global equity benchmarks rose 6%-13% in Q3, bond markets returned 1%-3% and foreign exchange markets versus the U.S. dollar moved modestly lower, which drove the firm’s Q3 and future EPS estimates higher for the traditional asset managers. The firm is increasing price targets for all traditional asset managers under its coverage, the analyst tells investors in a preview for the group.