RBC Capital lowered the firm’s price target on Blackstone (BX) to $173 from $176 and keeps an Outperform rating on the shares. The company’s Q1 results did not warrant the negative reaction in shares as the firm is citing the broader sell-off in software and Medallia restructuring, the analyst tells investors in a research note. RBC adds that it views results slightly positively as Blackstone’s portfolio performance was strong, institutional fundraising remained resilient, and BX Private Wealth funds showed good momentum.
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