Stock Update (NYSE:BLK): Fed likely to raise rates two-three times next year: BlackRock chief strategist

[Reuters] – The U.S. Federal Reserve is likely to raise interest rates two or three times during 2016, BlackRock’s top investment strategist said on Thursday. Russ Koesterich, BlackRock’s global chief investment strategist, told reporters during a Tokyo visit that the dollar is likely to strengthen against the euro and the yen, helping to support share prices in Europe and Japan. “We believe that the Fed would be gradual in terms of their tightening cycle,” said Koesterich, after the Fed hiked benchmark interest rates on Wednesday for the first time in nearly a decade. Read more on this. BlackRock, Inc. (BLK) , with a current market cap of $55.01B, ended trading at $331.00. Looking at the equity, the company’s one day range is $331.00 to $349.04 and has traded between $275.00 and $382.84 over the past 12 months. Priced at 16.80x this year’s forecasted earnings, BLK shares are relatively expensive compared to the industry’s 12.77x forward p/e ratio. And for passive income investors, the company pays shareholders $8.72 per share annually in dividends, yielding 2.73%. In a review of the consensus earnings estimate this quarter, 18 sell-side analysts are looking at $4.82 per share, which would be $0.00 worse than the year-ago quarter and a $0.30 sequential decrease. Investors should also note that the full-year EPS estimate of $19.70 is a $0.36 improvement when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $2.83 Billion. If reported, that would be a 1.80% increase over the year-ago quarter. In terms of ratings, Goldman Initiated BLK at Buy (Jun 8, 2015). Previously, Piper Jaffray Initiated BLK at to Neutral. Given all the information above, we should disclose to readers that the average price target is $376.41, which is 13.72% above than it opened this morning. See more in (NYSE:BLK) Similar Articles: Stock Update: BlackRock Inc (NYSE:BLK) – BlackRock Launches Impact Equity Funds Stock Update: BlackRock Inc (NYSE:BLK) – Carl Icahn says BlackRock a ‘dangerous’ company, cites ETF concerns Stock Update: BlackRock Inc (NYSE:BLK) – Amid inflows, BlackRock to expand currency-hedged ETF lineup