BlackRock Earnings: Market Gains Offset Slightly Weaker Inflows as Firm Hits Record Level of AUM
There was little in wide-moat-rated BlackRock's second-quarter earnings that would alter our long-term view of the firm. We expect to leave our $850 per share fair value estimate in place. While the company continues to trade at a hefty premium relative to the other traditional asset managers (which we feel is warranted), the firm's shares, much like those of most of its peers, are trading at a less-than 5% discount to our fair value estimate.