Blackstone Group Inc

Company Overview: Blackstone Inc (NYSE: BX) is an investment firm. Its asset management business includes investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds.

As per our previous report published on BX on 07^th December 2022, Kalkine provided a ‘Buy’ stance on the stock at USD 78.57 based on ‘30% growth in Q3FY22 Asset Under Management on a YoY basis, 56% jump in Q3FY22 Fee-related earnings per share, upside indicated by valuation and key risks associated’, and the stock price has now moved by ~22.15% since then and moved above R1 and R2 mentioned in the report.

Noted below are the details of support and resistance levels provided in our previous report:

BX’s Daily Chart

BX’s Daily Price Chart. Source: REFINITIV, Analysis by Kalkine Group 

BX shares reported recovery over the past few weeks, with its shares moved above 50-day and 100-day SMAs on daily price chart. However, leading oscillator indicator 14-day RSI has now charted into an overbought zone with RSI hovering above 70. Further, there are two crucial resistances at the current trading level: 1) 200-day EMA and Downward sloping trend line resistance. Last time as well BX registered a temporary breakout above 200-day EMA and downward sloping trend line but could not able sustain the momentum. Further, FED’s rate hike announcement which is scheduled in the first week of February could bring large swings in financial stocks, Hence, considering the above rationale a ‘Sell’ rating is assigned to “BX” stock at the current market price of USD 95.97 (as of 27^th January 2023, at 07:30AM PST).  

Note: This report may be updated with details around fundamental and technical analysis, price/ chart in due course, as appropriate 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is 27^th January 2023. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’