Citigroup Downgrades BlackRock
Shares of BlackRock (NYSE:BLK) plunged as Citigroup (NYSE:C) and Deutsche Bank downgraded the stock, with Citigroup analyst William Katz recommending investors sell the stock; the only analyst reaching that conclusion.
Reasons given for the downgrade by Katz were future profits of the company are being overestimated by investors.
Katz explained, saying the profit believed to come with the acquisition of Barclays Global Investors is far too optimistic, and reinvestment spending at the company is being underestimated.
Other analysts' views of BlackRock are mixed, with some recommending buy and others recommending hold.
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