BlackRock (NYSE:BLK) is scheduled to release its second-quarter results before the market opens on July 14. Ahead of the earnings release, analyst Daniel Fannon of Jefferies is bullish on the company’s performance and raised his Q2 earnings estimate to $8.54 from $8.48. Fannon expects BLK to report improved non-operating income and higher assets under management (AUM).
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Another tailwind to contribute to BLK’s performance in the to-be-reported quarter is favorable foreign-exchange movement during the quarter. Fannon noted that the dollar strengthened against most currencies.
However, the analyst expects long-term net inflows for Q2 to decline to $67 billion from $103 billion in the previous quarter. Particularly, Fannon sees equity iShares inflows of about $9 billion and another $35 billion of fixed-income inflows.
In a note to investors on July 10, Fannon reiterated a Buy rating on BLK stock and raised the price target to $781 from $741.
Wall Street’s Q2 Expectations
Currently, analysts expect BLK to post earnings of $8.49 per share in Q2 compared to $7.36 per share reported in the prior-year period. Meanwhile, revenue is expected to increase by about 10% from the year-ago quarter to $4.47 billion.
BLK Stock’s Technical Analysis Signals a Strong Buy
Ahead of the Q2 earnings release, most technical indicators indicate that BLK stock is a Strong Buy. According to TipRanks’ easy-to-understand technical analysis tool, the stock’s 50-Day EMA (exponential moving average) is 677.95, while the stock’s price is ~$730, making it a Buy. Further, BLK’s Trend Strength Indicator is 12.34, which also signals an uptrend.
What is the Forecast for BLK Stock?
Overall, Wall Street analysts are cautiously optimistic about BlackRock stock. On TipRanks, BLK has a Moderate Buy consensus rating based on eight Buys and three Holds. The average BLK stock price target of $763.55 implies 5.17% upside potential from current levels.
