TD Cowen Upgrades BlackRock Shares to Buy, Raises Target to $1,405

TD Cowen upgraded BlackRock shares to Buy from Hold on Oct. 20 and lifted its price target to $1,405 after the asset manager posted $205.466 billion in third-quarter net inflows.

The previous price target was $1,212. The rating applies to BlackRock shares and reflects an outlook for the broader company.

Separately, BlackRock’s digital-asset products recorded $7.907 billion in net inflows during the quarter ended Sept. 30. The category held $79.632 billion in assets at quarter-end.

Changes in market value added $22.889 billion to the category’s assets during the quarter, more than the amount added through net inflows. The digital-asset products generated $39 million in base fees and securities-lending revenue, compared with $6.036 billion across BlackRock.

Firmwide net inflows of $205.466 billion cover the quarter. BlackRock’s $15.488 trillion in total assets under management was measured at Sept. 30.

BlackRock’s iShares Bitcoin Trust ETF seeks to reflect the price performance of Bitcoin (BTC). The digital-asset totals cover the product category, rather than a separate quarterly breakdown for that fund.