Analyst Note
| Greggory Warren |We've raised our fair value estimate for wide-moat-rated BlackRock to $810 per share from $760 after updating our valuation model with new projections for near- to medium-term growth in managed assets, revenue, and operating earnings. We have also moved our Uncertainty Rating for the firm to High from Medium, requiring a wider margin of safety before recommending the shares, which are currently only slightly undervalued relative to our revised fair value estimate.