Blackstone Group Receives a Buy from Oppenheimer

By Austin Angelo

In a report released yesterday, Chris Kotowski from Oppenheimer reiterated a Buy rating on Blackstone Group (NYSE: BX), with a price target of $41. The company’s shares closed on Friday at $30.72.

According to TipRanks.com, Kotowski is a 5-star analyst with an average return of 9.4% and a 62.6% success rate. Kotowski covers the Financial sector, focusing on stocks such as Eagle Point Credit Company Inc, Great Elm Capital Corporation, and Apollo Global Management LLC.

Currently, the analyst consensus on Blackstone Group is Strong Buy and the average price target is $41.25, representing a 34.3% upside.

In a report issued on April 9, Credit Suisse also maintained a Buy rating on the stock with a $45 price target.

Based on Blackstone Group’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $1.93 billion and quarterly net profit of $282 million. In comparison, last year the company earned revenue of $2.04 billion and had a net profit of $462 million.

Based on the recent corporate insider activity of 26 insiders, corporate insider sentiment is negative on the stock.

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Blackstone Group LP engages in the provision of investment and fund management services. It operates through the following segments: Private Equity, Real Estate, Hedge Fund Solutions, and Credit.