Argus Research Sticks to Its Buy Rating for Blackstone Group (BX)We are reiterating our BUY rating on Blackstone Inc. (NYSE: BX) following the company’s 4Q results, which benefited from growth in management and advisory fees as fee-related assets under management grew 9%, and a sharp rise in fee-related performance revenues. We expect a material step-up in fee-related earnings in 2025 due, in part, to the exit of fee holidays on certain flagship products. Management has previously laid out a constructive case for a recovery in the commercial real estate market, noting that values are bottoming, new construction has declined substantially, and the cost of capital has peaked. It also sees an acceleration in realizations in 2025, particularly in the back half of the year. We note that stable-to-lower interest rates and good credit available should improve transaction activity. Our target price is $202.