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Blackstone Stock Pressure Driven by Broader Sell-off in Software, RBC Capital Markets Says

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Blackstone's (BX) Q1 results did not warrant the roughly 6% stock decline, which was likely driven by the broader sell-off in software and the Medallia restructuring, where the company is a debt holder, RBC Capital Markets said in a Friday research note.

The Q1 results were slightly positive due to robust portfolio performance, steady institutional fundraising, and momentum in the company's private wealth funds, the RBC analysts said.

The fundraising cycle is expected to ramp management fees in Q4, given fee holidays and credit funds getting paid on deployment. The brokerage forecast a 13% base management fee growth in 2027, according to the note.

RBC said the company's performance record and brand strength positions it as a winner within this long-term growth opportunity.

RBC reiterated its outperform rating on the stock and adjusted its price target to $173 from $176.

Price: $121.98, Change: $-0.35, Percent Change: -0.29%

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