Blackstone (BX) Reports Strong Q4 Earnings, Citizens Maintains Market Outperform Rating

Core Viewpoint - Goldman Sachs has reduced its price target for Blackstone Inc. to $158 from $166 while maintaining a Neutral rating, forecasting a 12% compound annual growth rate in core management fees from 2025 to 2028 [1] - Citizens maintained a Market Outperform rating for Blackstone, highlighting a compelling positioning going into 2026 after strong fourth-quarter 2025 earnings [2] Group 1: Financial Performance and Projections - Goldman Sachs projects a 12% CAGR in Blackstone's core management fees and a 16% CAGR in fee-related earnings (FRE) from 2025 to 2028 [1] - Blackstone is trading at approximately 20 times the 2027 P/E ratio net of equity-based compensation, indicating a more digestible valuation amid a cyclical boost to PRE estimates in 2027 [2] - Blackstone delivered strong fourth-quarter 2025 earnings, which included a meaningful headline earnings beat [2] Group 2: Company Overview - Blackstone Inc. provides investment and fund management services, with operations divided into segments: Real Estate, Private Equity, Credit and Insurance, and Hedge Fund Solutions [2]