BlackRock (BLK, Financial), the world's largest asset management firm, saw its stock rise by 1.1% during early trading, hitting an all-time high. Although the stock briefly surpassed the $1,000 mark, it closed with a 0.9% increase at $999.21. This surge followed target price upgrades from at least four brokerages, including Morgan Stanley, Invesco, Barclays, and Deutsche Bank.
Morgan Stanley raised its target price for BlackRock from $1,150 to $1,245, indicating a 25.7% increase from the previous closing price. The brokerage noted that BlackRock's business momentum is accelerating, with robust client channels and a growing presence in the private market space.
Last week, BlackRock reported a record-breaking quarterly net inflow of $221 billion, marking the third consecutive quarter of record-high assets under management. As of the last closing, BlackRock's stock has risen 22% this year.
