Blackstone price target raised to $134 from $112 at BMO Capital

BMO Capital raised the firm’s price target on Blackstone (BX) to $134 from $112 but keeps a Market Perform rating on the shares after its Q3 earnings beat. The company delivered its best investment returns in three years, and layering in a rise in capital deployment and asset monetizations, the fundraising and carry realization outlook for Blackstone is “becoming increasingly clear”, the analyst tells investors in a research note. BMO adds however that while it is acknowledging an improving backdrop for transaction activity, it is also “mindful” that the current valuations on the stock “already reflect optimism”.