Wells Fargo raised the firm’s price target on BlackRock (BLK) to $1,200 from $1,090 and keeps an Overweight rating on the shares following HPS deal. The firm cites another BlackRock move into private assets, and says it sees earnings from alts at 23% in 2026 vs 13% in 2023. HPS EPS accretion in 2026 is minimal, but the long-term opportunity is big, and shift to alts is multiple enhancing, Wells argues.
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