Barclays Reinstates Blackstone Coverage with $126 Price Target
Barclays analyst Benjamin Budish reinstated coverage of Blackstone with an Equal Weight rating and a $126 price target, maintaining previous estimates after lifting a restriction. Negotiations for Blackstone’s proposed $2.5 billion investment in New World Development stalled as the Cheng family seeks alternative financing to retain its 45% control.
1. Barclays Reinstates Coverage
On March 5, Barclays analyst Benjamin Budish resumed coverage of Blackstone with an Equal Weight rating and a $126 price target after a temporary restriction, confirming unchanged earnings estimates and valuation metrics.
2. Blackstone-NWD Investment Talks Stall
Negotiations for Blackstone’s proposed $2.5 billion investment in a special-purpose vehicle to become New World Development’s largest shareholder have slowed, as the Cheng family seeks other financing options to preserve its 45% control while Hong Kong property market pressures persist.