Wells Fargo analyst Michael Brown raised the firm’s price target on BlackRock (BLK) to $1,175 from $1,155 and keeps an Overweight rating on the shares after its Q4 earnings beat. All of the major metrics were stand-outs for the company in Q4, including managed asset flows, margin, fee rate, and organic base fee growth of 7%, the analyst tells investors in a research note. The firm adds that it expects a big catch-up in fees for BlackRock in Q1 while noting that its HPS Investment Partners addition will boost fee rate in the second half of the year.
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