JPMorgan analyst Kenneth Worthington sees Blackstone as a 'best in class business primed for an economic soft landing' and upgrades stock to overweight
JPMorgan analyst Ken Worthington on Tuesday upgraded private equity giant Blackstone Inc. to overweight from neutral as the company rolls out new products for wealthy individuals and grows its fee income despite a slowing economy.
Blackstone BX stock rose 1.6% in premarket trades. As of Monday’s close, the stock was up 18.4% in 2023, compared to a 4.7% gain in the S&P 500 SPX . But Worthington sees the private equity firm, “as a good investment over the next twelve months particularly if the U.S. economy reaches a soft landing” even though Blackstone may see more outflows from B-Reit in 2023.
Blackstone is also expected to launch new retail products to follow the success of the non-traded fund structures it used with R-Reit and other products.
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