Piper Sandler raised the firm’s price target on Blackstone (BX) to $130 from $122 and keeps a Neutral rating on the shares. Blackstone posted a headline beat, but the firm is trimming estimates on softer near-term management fees. Fundraising continued to be strong and was the company’s second-best quarterly result since 2022. In addition, management continues to be positive on IPO activity for 2026, but Piper may need to see a resolution in the Iran war in order for broader capital markets activity to pick up.
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