Blackstone stock upgraded to buy, shares surged 5%

Shares of Blackstone, a large investment management company, increased by nearly 5% on Monday. This rise came after an analyst at Swiss bank UBS upgraded their recommendation on the stock from neutral to buy. Analyst Brennan Hawken set a new price target of $180 per share. This suggests that the stock could go up by around 22% from its current price. Hawken believes that the recent sell-off of Blackstone’s shares was unfair. He thinks the company's Blackstone Real Estate Investment Trust (BREIT) is undervalued and has been unfairly criticized. Blackstone recently raised $8 billion for its Real Estate Debt Strategies fund. The company plans to invest this money in North America, Europe, and Australia. Overall, Hawken argues that the market's negative reaction to Blackstone does not reflect its true value. With shares trading at a low point, he suggests it could be a good opportunity for investors to buy in.