UPDATE: Citigroup Reiterates Neutral Rating, Lowers PT for BlackRock

In a company update published earlier today, Citigroup Inc. reiterated its Neutral rating for BlackRock, Inc. (NYSE: BLK), but lowered its price target from $201.00 to $180.00.

Citigroup said in its report “On the one hand, we believe the secondary absorbed significant demand and we see few catalysts on the ST horizon on top of the mixed macro backdrop. On the other hand, BLK sports a solid ~3.7% annual dividend yield and we particularly favor: a) BlackRock Solutions; b) non-US footprint; and, c) dominant iShares (ETF) platform. However, the resultant ETR is not deep enough to step in, particularly given uneven technical set up in the short term, we believe (ex markets). Cognizant of the sector's broad pull-back, we prefer LM, AMG, and IVZ at present.”

BlackRock, Inc. closed yesterday at $163.37.