Jefferies confirms its Buy recommendation on BlackRock, with an unchanged price target of $925.

Following Q4 2023 results, Jefferies' EPS estimate for Q1 2024 rises from $8.84 to $8.94, and the estimate for 2024 rises from $38.65 to $39.35, reflecting higher exit asset levels and slightly better fee rates.

' Looking ahead, the transformative M&A hurdle for the stock has been removed, and reduced client flow risk should begin to drive improved asset flows ' says the analyst firm.

BlackRock, the world's largest asset manager, reported adjusted net income up 7% year-on-year to $1.45 billion for the fourth quarter of 2023, or $9.66 per share (+8%).

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