UPDATE: Citi Raises Price Target on The Blackstone Group

Citi has published a report on the Blackstone Group (NYSE: BX) raising the target price from $22 to $24.

In the report, Citi wrote, "We raise our 2011-13 ENI estimates following sharply better than forecast 2Q (see our 7/21 note, 2Q11 Initial Look -- Gangbusters After All; Favorite Alts Name) + increase our 12-month SOTP target $2 to $24 and add to TPL! as our top L/C pick. BX delivered robust ENI beat despite particularly volatile capital markets in 2Q further validating the model; carried interest taxation risks seem overplayed; and we see strong momentum across each of the businesses as well as across capital raise and realization cycles. We believe the combination of these factors should re-ignite a rally in the shares following the recent pullback while the diversification of the business."

Citi rated the Blackstone group a BUY with a price target of $24.00. The Blackstone Group closed Thursday at $17.00.