Blackstone Earnings: More Muted Results Should Improve Once Rates Fall and Markets Open Up
While there was little in narrow-moat-rated Blackstone's second-quarter results that would alter our long-term view of the firm, we expect to increase our $125 per share fair value estimate slightly to account for a more positive tilt in near-term expectations than we previously forecastbasically, a shift in the timing of short-term rate cuts, which should provide a boost to fundraising, deployment, and harvesting activities. That said, even with the adjustment to our fair value estimate, we would still view the shares as being fairly valued at current prices.