Blackrock (NYSE:BLK), the largest investment manager worldwide, has been accused of making misleading statements about its ESG (Environmental, Social, and Governance) strategies by Tennessee.
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Citing conflicting ESG assertions and statements, State Attorney General Jonathan Skrmetti noted, “Some public statements show a company that focuses exclusively on return on investment, others show a company that gives special consideration to environmental factors.”
Blackrock oversees over nine trillion dollars in investments and is part of the Net Zero Asset Managers Initiative and Climate Action 100+ coalitions. Previously, some politicians berated BLK for “Championing” ESG, and some GOP-led states have pulled investments from the company, according to Bloomberg.
Blackrock, though, has refuted Tennessee’s allegations and plans to contest the claims. The State’s lawsuit is part of a wider debate surrounding ESG-associated practices and efforts by investment managers.
Is BLK a Good Stock to Buy?
Overall, the Street has a Strong Buy consensus rating on Blackrock. Following a nearly 15% jump in the company’s share price over the past six months, the average BLK price target of $792.93 implies that the stock may be fairly priced at current levels.
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