JPMorgan lowered the firm’s price target on Blackstone (BX) to $122 from $158 and keeps a Neutral rating on the shares. The firm says Blackstone’s BCRED, the largest non-traded business development company and flagship credit wealth product with $82.5B of total investments at fair value, indicated Q1 redemption requests for 7.9% of the December 2025 net asset value, representing a “notable uptick” from redemption requests of 4.5% Q4. JPMorgan decreased Blackstone’s estimates to reflect net flows impact on management fees.
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