The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.



) --


(BLK) - Get Report

reduced its outlook for the exchange-traded funds market for 2011 by about half due to volatile equity markets that have been overwhelmed by the eurozone contagion.

The market is now projected to grow at 10% to 15% in the current year, compared to previous estimates of 20%-to-30% asset growth. BlackRock is one of the leading players in the ETF market along with

State Street

(STT) - Get Report


Charles Schwab

(SCHW) - Get Report


We have revised

our price estimate for BlackRock to $191 to reflect third-quarter earnings and current global economic conditions. Our new price estimate is nearly 20% above the current market price.

See our complete analysis of BlackRock stock


The company is calling for stronger measures by European Union policymakers to help contain the region's widening debt crisis. The proposed course of action involves mandatory 75%-to-80% debt writedowns for private lenders, debt restructuring and increased bond purchases by the European Central Bank.

According to


, eight major money market funds in the U.S., including BlackRock and Fidelity Investments, reduced their investments in Deutsche Bank by $8.1 billion in October. This highlights the flight of fund managers to minimize their

exposures to the ailing European economy. It is interesting to note that BlackRock remains comfortable with its position in Italian bonds, which it increased in October, despite recent losses.



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This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.