TD Cowen upgraded BlackRock (BLK) from Hold to Buy. The firm raised its price target to $1,405 from $1,212, implying approximately 25% upside from the previous day’s closing price.
The upgrade follows a period of underperformance by BlackRock shares relative to peers in 2026. TD Cowen analysts see the third quarter of 2026 as a key inflection point, and say the company is running ahead of its 2030 revenue and operating income targets.
TD Cowen forecasts BlackRock’s adjusted earnings per share could exceed $103 by 2030. That would represent a 15% compound annual growth rate. The firm also projects assets under management could reach $25 trillion by 2030.
The analysts cited active ETFs, private markets, and digital wealth as key growth areas. They expect BlackRock to return about $40 billion to shareholders through dividends and buybacks by 2030.