-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點摘要如下：我們維持12個月目標價185美元不變，基於2026年可分配收益（DE）預期，預期本益比為29.8倍，2027年預期本益比為24.2倍。這些估值指標與三年歷史平均值27.8倍和五年歷史平均值25.2倍相比略有差異。我們下調評級的原因是，我們對私募信貸市場中存在的負面品牌問題持謹慎態度。我們之前對可分配收益前景過於樂觀。我們將2026年可分配收益預期下調0.50美元至6.20美元（市場普遍預期為6.13美元），並將2027年可分配收益預期下調0.30美元至7.60美元。我們預測2026年營收為160億美元（先前預測為163億美元），2027年為192億美元（先前預測為198億美元）。我們高於歷史平均的估值反映了我們認為BX和另類投資產業將在2027年私募市場投資週期中保持成長動能。我們認為，到2026年，這將轉化為私募股權領域激勵費用和資產變現的增加，以及所有業務板塊管理費和諮詢費的上漲。私募信貸和保險業務表現穩健，並獲得了機構投資者的積極募款。
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