Top Stock to Buy #2 – The Blackstone Group (BX)
The Blackstone Group (NYSE:BX) is one of the largest private capital managers and financial services providers in the world with assets under management of over $166 billion. The company reported Q4 earnings of $0.48, beating consensus estimates by $0.08. An influx of money from bond liquidations into equity management may lead to record earnings for BX. Consensus earnings estimates are for $2.11 in 2013, up from $1.64 in 2012.
Technically, BX broke from a right triangle early in January with an impressive breakaway gap accompanied by very high volume. In late January, it exceeded its Feb. 2, 2012, high of $17.25, and it appears that it will break its high of $19.58 made in April 2011.
Buy BX at $17 or lower for a trade to $22. Long-term investors could very well see BX break its all-time high of over $30.
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