BlackRock price target lowered to $1,155 from $1,200 at Wells Fargo

Wells Fargo analyst Michael Brown lowered the firm’s price target on BlackRock (BLK) to $1,155 from $1,200 and keeps an Overweight rating on the shares. The firm says recent market action reduces by its out-year earnings estimates for BlackRock by 4%. However, it remains bullish on the shares, citing the relative prospects for the company’s fund flows and benefits of private market mergers and acquisitions. Wells, however, is below the current consensus on fee rate, assets under management, management fees, and operating margin in Q4. It expects the Street to move closer to its estimates, and, as such, expects the shares to be soft until the print.