Jim Cramer is considering investing in BlackRock, the world’s largest asset manager, and it’s now on our watch list. BlackRock shares hit a record high after impressive third-quarter earnings and reached $11.5 trillion in assets. CEO Larry Fink announced they added $2 trillion over five years and praised the recent $12.5 billion acquisition of Global Infrastructure Partners, boosting assets by over $100 billion.
This earnings season kicked off strong with BlackRock performing well, along with Wells Fargo. Morgan Stanley will report next week. The financial sector has been navigating high interest rates, but there’s debate over the Federal Reserve’s next moves: initial expectations of a 75-point cut have shifted to around 50 points.
Given BlackRock’s solid performance, we believe its time to consider an investment. Despite recent gains of over 12% in a month, exceeding the S&P 500’s 4%, Cramer feels theres more potential. He has been focused on Wells Fargo and Morgan Stanley, hence the wait before acting. As part of Cramer’s Investing Club, members receive alerts on trades he plans to make.
Note: Investing Club information is subject to terms, conditions, and a privacy policy. No guarantee on outcomes or profits.
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