Blackstone PTs Cut to $122 and $126 as BCRED Redemptions Hit 7.9%
JPMorgan lowered its price target on Blackstone to $122 from $158 after BCRED saw Q1 redemption requests jump to 7.9% of December 2025 NAV from 4.5% in Q4, prompting a cut to management fee projections. Barclays similarly cut its target to $126 from $164 while RBC initiated coverage with an Outperform rating and $179 target.
1. JPMorgan Lowers Price Target to $122
On March 3, JPMorgan reduced its Blackstone price target to $122 from $158 and maintained a Neutral rating after BCRED, the largest non-traded business development company with $82.5 billion of investments at fair value, saw Q1 redemption requests rise to 7.9% of December 2025 NAV from 4.5% in Q4. The bank cut earnings estimates to reflect lower management fees tied to net flow declines.
2. Barclays Cuts Target to $126
On March 2, Barclays trimmed its Blackstone price target to $126 from $164 and kept an Equal Weight rating following a broad review of alternative asset managers. The firm lowered business development company-related earnings projections based on weaker net flows and uncertainty around AI’s impact on portfolio companies.
3. RBC Initiates Outperform Coverage with $179 Target
On February 23, RBC Capital initiated coverage of Blackstone with an Outperform rating and a $179 price target, citing the firm’s first-mover advantage in launching a private wealth team and expected secular retail growth. RBC also highlighted an improving real estate cycle that could boost returns over the medium term.
4. Impact on Fee Projections
Higher BCRED redemption requests have prompted analysts to revise management fee forecasts downward, potentially reducing Blackstone’s fee revenue growth in upcoming quarters. Continued monitoring of net flow trends will be critical for assessing the company’s credit wealth product performance.