On July 24, Blackstone Group LP rose 3.26% in regular trading, trading at $128.555/share, with turnover of $168 million. The stock extended gains following a strong Q2 earnings report released the prior trading day, combined with multiple investment banks raising their target prices and news of the firm planning to open a Dubai office.

Blackstone reported Q2 distributable EPS of $1.52, beating the consensus estimate of $1.35 by approximately 12.6% and representing a 25.6% year-over-year increase. Revenue came in at $5.04 billion, up 35.8% year-over-year. Total assets under management reached $1.346 trillion, exceeding the market expectation of $1.334 trillion, while net inflows of $68.3 billion far surpassed the anticipated $54.4 billion.

Following the results, RBC raised its target price from $161 to $169 while maintaining an Outperform rating, and Oppenheimer lifted its target to $140. Management highlighted that AI infrastructure investment has become a core growth engine, with nine of its ten highest-appreciating investments being AI-related, including its stake in Anthropic and data center operations.

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