Blackstone price target raised to $149 from $133 at TD Cowen

TD Cowen analyst Bill Katz raised the firm’s price target on Blackstone (BX) to $149 from $133 and keeps a Hold rating on the shares. The firm said while management painted an increasingly attractive backdrop into 2025. they reduced their 4Q24E and 2025E D/E estimates to reflect lower FRE and net realizations for 4Q and higher net realizations offset by lower FRE for 2025E.