BlackRock: Still A Buy After Q3 But Yield Risks Are Emerging

Impact · against what's priced in

The Q3 results are strong but largely confirm existing market assumptions regarding BlackRock's current scale and growth trajectory. While the private markets dry powder supports a long-term pivot, it does not yet provide the structural proof required to move the needle on margins the market currently refuses to price in.

BLK+0.00

Already priced in

The price assumes

The 18.7% revenue growth achieved in FY2025, treating it as a cyclical peak

The reported 19% revenue growth and $205B in net inflows align almost perfectly with the growth rates the price already incorporates as a current baseline.

What BLK's price assumes · Aug 26

• earnings
• revenue growth
• BLK
• asset management
• aum
• net inflows
• private markets

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