Citi analyst Christopher Allen lowered the firm’s price target on Blackstone (BX) to $137 from $190 and keeps a Neutral rating on the shares. The firm reduced estimates across the board in the broker and asset manager group to reflect a pushout of a capital markets recovery and lowered performance fee expectations. Citi moderated fundraising expectations, saying lower capital returns to limited partnerships could create incremental headwinds and further delay fundraising cycles.
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