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Wall Street Fearless Rates Blackstone A Buy

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by Yves Smith and Felix Salmon
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Aug 01 2007 12:00am EDT

Wall Street, Fearless, Rates Blackstone a "Buy"

Wall Street's Finest revealed today what they think investors should do with Blackstone stock. Seven different banks rate Blackstone's equity, and six of the seven rate it a "buy" (or "outperform" or "overweight"). One of the banks rates it a hold. By an astonishing coincidence, the six banks with a "buy" rating are the six of the seven who were also underwriters on the IPO. And the seventh, with a "hold", is the only one which didn't have a lead role in the IPO.

Sell-side equity ratings are a joke. If you really want to use them as a source of investment ideas and intelligence, fine. But the headline buy/outperform/overweight ratings are – always – best ignored.

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