Fly News Breaks for September 18, 2019
Sep 18, 2019 | 07:37 EDT
Morgan Stanley analyst Michael Cyprys noted that BlackRock (BLK) shares are down 8% in the last 60 days and the stock has underperformed T. Rowe Price (TROW) shares by 14% points over that time, which he views as "extreme" and calls out as the most significant relative underperformance seen over the past 5 years. In the only other two other examples of similar underperformance he can identify, BlackRock shares recovered "a few hundred basis points" in the subsequent days and weeks, noted Cyprys, who views the recent weakness in the stock as a "compelling tactical buying opportunity." The analyst, who thinks the long-term fundamentals and business growth are intact at BlackRock, keeps an Overweight rating on the shares with a $553 price target.
News For BLK;TROW From the Last 2 Days