BlackRock Inc

BLK: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$481.00	Ygtc	Txgxzhcw

BlackRock Earnings: GIP Acquisition Provides a Boost to Our Improving AUM Growth Forecast

Greggory Warren

Jan 12, 2024

There was little in wide-moat-rated BlackRock's fourth-quarter earnings that would alter our long-term view of the firm. Even so, we expect to increase our $710 per share fair value estimate by at least 10% to account for not only a higher level of assets under management, or AUM, but the firm's announced acquisition of the $100 billion alternative asset manager, Global Infrastructure Partners. Even with the expected upward revision in our fair value estimate, we view the shares as being fairly valued.

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