Piper Sandler keeps Neutral rating on Blackstone with $126 target

what happened

Piper Sandler has kept its Neutral rating on Blackstone shares and set a price target of $126. The target implies roughly 6.1% upside from the October 22 close of $118.75, according to a TradingView report that cites Benzinga data.

The analysts pointed to a core EPS beat, which helped lift the stock by 8%. Management expects significant realizations in the fourth quarter of 2026 and double-digit growth in base management fees in 2027. Investors remain concerned about how sustainable AI-related and data center investments are in a volatile rate environment, though Piper Sandler sees long-term contracts with creditworthy counterparties as a partial hedge against those risks.

why it matters

For markets, the note suggests the analyst sees no clear reason to upgrade the stock yet, as much of the post-earnings gain is already reflected in the price. Rate sensitivity and exposure to AI infrastructure remain the main swing factors for alternative asset managers such as Blackstone.

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