Stock Update (NYSE:BLK): BlackRock lowers outlook for U.S., European stocks

[Reuters] – BlackRock Inc on Tuesday said it was downgrading its outlook on U.S. and European stocks as a mid-year interest-rate hike by the U.S. Federal Reserve looks more likely. Richard Turnill, the global chief … Read more on this. BlackRock, Inc. (BLK) , valued at $59.91B, opened this morning at $366.30. Looking at today’s trading action, the company’s one day range from $361.99 to $366.66 and has traded between $275.00 and $369.47 over the past 12 months. Priced at 18.71x this year’s forecasted earnings, BLK shares are relatively expensive compared to the industry’s -57.58x forward p/e ratio. And for those looking to make a return holding the stock, the company pays shareholders $9.16 per share annually in dividends, yielding 2.51%. Consensus earnings for the current quarter by the 16 sell-side analysts covering the stock is an estimate of $4.84 per share, which would be $0.12 worse than the year-ago quarter and a $0.09 sequential increase. The full-year EPS estimate is $19.51 which would be a $0.09 setback than last year’s full-year earnings. The quarterly earnings estimate is predicated on a consensus revenue forecast of $2.82 Billion. If reported, that would be a 2.76% decrease over the year-ago quarter. In terms of ratings, Citigroup upgraded BLK from Neutral to Buy (Apr 19, 2016). Previously, Gabelli & Co upgraded BLK from Hold to Buy. Investors should keep in mind is that the average price target is $389.80, which is 6.42% above where the stock opened this morning. See more in (NYSE:BLK) Similar Articles: Market Update (NYSE:BLK): BlackRock lowers forecast for Treasury bonds Market Update (NYSE:BLK): Blackrock now favors U.S. stocks, cuts outlook on Japan Stock Update: BlackRock Inc (NYSE:BLK) – BlackRock launches fund for European investment in Tel Aviv blue chips