NEW YORK (TheStreet) -- Shares of BlackRock Inc (BLK) are climbing, up 0.41% to $342.50, in pre-market trading Monday, after the asset management company had its rating raised to "buy" from "neutral" by analysts at Citigroup this morning.
Citigroup analysts said attrition at PIMCO provides a unique opportunity for BlackRock, and raised its price target for shares to $385 from $335.
Citigroup also pointed to several factors including the investment management firm's shifts in its asset management mix for the upgrade.
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The firm believes those shifts should keep the company's volume growing.
New York City-based BlackRock provides a range of investment and risks management services with clients including retail, high net worth, and institutional investors.
Separately, TheStreet Ratings team rates BLACKROCK INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate BLACKROCK INC (BLK) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins, increase in stock price during the past year, impressive record of earnings per share growth and compelling growth in net income. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."