As previously reported, Wells Fargo downgraded Blackstone (BX) to Equal Weight from Overweight with a price target of $195, up from $188. The firm acknowledges that Blackstone is a leader across the alts spectrum, including in wealth–a key growth driver for coming years. But valuation is getting stretched, and Wells sees little upside to EPS with potential risk to performance fee expectations in the first half of 2025. CRE recovery will likely also be at a more measured pace, the firm adds.
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