Jim Cramer is looking at investing in BlackRock, the largest asset manager in the world, and it’s now on our watchlist.
BlackRock’s stock hit a record high after exceeding third-quarter earnings expectations, with assets under management reaching $11.5 trillion, up by $2 trillion over five years. CEO Larry Fink highlighted a recent $12.5 billion acquisition that added $100 billion in assets.
This quarter, several financial firms reported earnings. Wells Fargo also had strong results, while Morgan Stanley will report next Wednesday. Wall Street has faced challenges with rising interest rates, but recent cuts from the Federal Reserve are changing the outlook.
Given BlackRock’s outstanding performance, we’re considering a buy. Its shares have increased over 12% in the past month, compared to the S&P 500’s 4% rise. Jim noted that even with recent gains, there’s potential for more upside. Though he postponed buying due to other commitments, he remains optimistic.
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