BlackRock Inc. (BLK): Strong organic growth and bullish margin outlook paves the way for P/E re-rating; Reiterate Buy

研报英文原文证据摘录

BlackRock Inc. (BLK): Strong organic growth and bullish margin outlook paves the way for P/E re-rating; Reiterate Buy

Equity Research

15 July 2026 | 8:54PM EDT

BlackRock Inc. (BLK): Strong organic growth and bullish margin outlook

paves the way for P/E re-rating; Reiterate Buy

Following 2Q26 results, we raise our 2026E-28E EPS to $55.54/$64.37/$75.05 Alexander Blostein, CFA

+1(212)357-9976 |

from $53.97/$62.70/$72.45 on the back of a higher organic growth outlook and alexander.blostein@gs.com

Goldman Sachs & Co. LLC

constructive margin commentary, which should be supportive of a positive EPS

Anthony Corbin

revision cycle for the stock with ample runway for the multiple to mean-revert +1(212)357-7512 |

to historical ~20X. Specifically, BLK continues to deliver above-target organic anthony.corbin@gs.comGoldman Sachs & Co. LLC

base fee growth — 8% in 2Q26 / 10% LTM, with management noting recent trends Aditya Sharma, CFA

are likely to be sustainable, supported by: 1) broadening growth in the ETF business, +1(212)934-9869aditya.x.sharma@gs.com|

including momentum in Active and Precision ETFs, 2) runway for >10% FPAUM Goldman Sachs India SPL

Vincigrowth in private markets (driven by demand and activity across Private Credit and Michael | +1(212)357-8239

Infrastructure, with tailwinds from Insurance and financing the AI boom), and 3) michael.vinci@gs.com Goldman Sachs & Co. LLC

continued growth in higher-fee systematic and tax aware products. Importantly,

Vaasu Gupta

management also struck a constructive tone on margins (an issue for investors since +1(332)245-7522 |

vaasu.x.gupta@gs.com

GIP/HPS deals), pointing to a structurally higher margin trajectory from a mix shift Goldman Sachs India SPL

into higher-margin private markets, systematic, and technology. Moreover, BLK