On Thursday Standpoint Research downgraded BlackRock, Inc. (BLK) as the analysts believe the investment management firm’s stock has reached its fair value.
BlackRock was downgraded from “Buy” to “Hold” by the Standpoint analysts.
Standpoint Research analyst Ronnie Moas commented, “BlackRock is near a three-year high and has hit our price target for fair value. The shares remain undervalued by 10% but we can no longer leave our highest rating attached to this name given the recent absolute (17.8%) and relative gains (1300 bps versus the S&P) since our recommendation. In my opinion BLK will track the market going forward.”
BlackRock shares were flat in premarket trading on Friday. The stock is up +17.42% year-to-date.
The Bottom Line
Shares of Blackrock (BLK) have a 2.87% dividend yield, based on last night’s closing stock price of $209.29. The stock has technical support in the $195-$197 price area. If the shares can firm up, we see overhead resistance around the $210-$215 price levels.
BlackRock, Inc. (BLK) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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