As Blackstone Climbs, Oppenheimer Praises Alts For Leveraging 'Patient Long-Term, Committed Capital'

Blackstone Inc’s (NYSE: BX) was moving higher on Thursday, extending gains made through the week.

Alternative financial companies, or alts, are poised to capture a larger market share during "the current round of financial stress," as per Oppenheimer, and they have the potential to emerge even more robust than before the stress started.

The Blackstone Analyst: Chris Kotowski upgraded the rating for Blackstone from Perform to Outperform, while establishing a price target of $111.

The Blackstone Thesis: The stock is down more than 40% from its November 2021 highs, although the company’s fee-paying assets under management have risen by 36%, Kotowski said in the upgrade note.

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“Fee related earnings of $0.88 in 4Q22 are similarly up 35% from 3Q21’s $0.65,” he added.

“The strength of the Alts is that they have the patient long-term, committed capital that lets them wait out the tough markets and take advantage of times when public markets are closed or very expensive,” the analyst further wrote.

BX Price Action: Shares of Blackstone was up 0.78% to $83.15 at the time of publishing Thursday.

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