BlackRock Inc

BLK: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$886.00	Ynml	Hfscxsppm

BlackRock Earnings: Robust Inflows and Market Gains Offset by Fee Compression and Higher Costs

Greggory Warren

Apr 14, 2023

There was little in BlackRock's first-quarter earnings that would alter our long-term view. We expect to leave our $810 per share fair value estimate and wide moat rating in place. While the firm's shares trade at a hefty premium relative to the other traditional asset managers (which we feel is warranted), they are currently trading at a 20% discount to our fair value estimate.

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