Blackstone (BX) delivered "solid" Q1 results, showing "optimism" around business momentum despite broader market volatility, Deutsche Bank said in a note Monday.
Blackstone's distributable earnings, or DE, came in at $1.09 per share, ahead of the $1.05 consensus and Deutsche Bank's $1.02 estimate. Adjusting for a slightly lower tax rate, core DE was $1.08, said analysts, including Brian Bedell.
Fee-related earnings, or FRE, stood at $1.03 per share, surpassing Deutsche Bank's $0.99 estimate and the $1.02 consensus, driven by higher-than-expected base management fees and stronger performance in the Credit/Insurance and Private Equity segments, the analysts added.
Blackstone also reported gross fundraising of $61.6 billion, well above expectations, with significant contributions from Private Equity and Credit/Insurance strategies. Additionally, fee-paying assets under management came in stronger than anticipated, according to the note.
Deutsche Bank adjusted its price target on Blackstone to $155 from $161 and kept its buy rating. Shares of the company fell 6.8% in recent trading.
Price: 121.56, Change: -8.83, Percent Change: -6.78
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