BlackRock price target raised to $1,118 from $1,040 at Goldman Sachs

Goldman Sachs analyst Alexander Blostein raised the firm’s price target on BlackRock (BLK) to $1,118 from $1,040 and keeps a Buy rating on the shares after its Q3 earnings beat. The company’s accelerating organic base fee growth momentum, along with private markets push and higher margin, support further upside in the stock price, the analyst tells investors in a research note. On the call, BlackRock also spoke to its recently announced partnership with Microsoft (MSFT) and MGX to make investments in data centers and energy infrastructures, and the management believes that utilizing private capital to make these secular, long-term growth investments will unlock a multi-trillion dollar investment opportunity, the firm added.