Blackstone (BX) Coverage Reinstated by Barclays with $126 Price Target

Blackstone Inc. (NYSE:BX) is included among the 15 Best Stocks to Buy Now for Passive Income.

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On March 5, Barclays analyst Benjamin Budish reinstated coverage of Blackstone Inc. (NYSE:BX) with an Equal Weight rating. The analyst set a $126 price target on the stock after a short period of restriction. The firm said its rating, price target, and estimates remain unchanged.

A day earlier, on March 4, Bloomberg reported that talks between Blackstone and New World Development Co. have slowed. The report said the developer’s controlling family is hesitant to give up influence over the company. Blackstone had proposed investing about $2.5 billion into a special-purpose vehicle that would make it New World’s largest shareholder. The Cheng family, which owns about 45% of the company, was expected to contribute between $1 billion and $1.5 billion as part of the plan.

Discussions have stalled as the family looks at other financing options that could raise capital without giving up control. New World has been under pressure since last year. Heavy borrowing and a sharp downturn in the property markets of Hong Kong and mainland China pushed the company close to default. Since then, it has been looking for support from investors to help manage its debt.

The family of tycoon Henry Cheng effectively controls the company. Blackstone declined to comment on the discussions. New World and the family’s investment arm, Chow Tai Fook Enterprises, did not immediately respond to requests for comment.

Blackstone Inc. (NYSE:BX) is an alternative asset manager. Its asset management business includes global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries, and hedge funds.

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