Blackstone Jumps on Plans for $40 Billion Infrastructure Fund
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Firm ‘just leapfrogged’ most of infrastructure world: analyst
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Shares of Blackstone Group LP rose to the highest in 18 months after the private equity firm laid out plans for a $40 billion infrastructure fund.
The stock jumped as much as 7.1 percent Monday to $31.99, the highest since November 2015. It traded at $31.64 as of 11:06 a.m. in New York.
Citigroup Inc. analysts led by Bill Katz upgraded their rating on the shares Monday to a “buy,” saying the infrastructure initiative could drive up Blackstone’s valuation. Other analysts, including Credit Suisse Group AG’s Craig Siegenthaler and William Blair & Co.’s Chris Shutler, said they anticipate Blackstone’s fee income to rise and become less volatile as the firm raises and begins investing the new mega-fund…
Blackstone Jumps on Plans for $40 Billion Infrastructure Fund
