By Market News Video Staff, Thursday, November 11, 1:11 PM ET
Investment management giant BlackRock (NYSE:BLK) was upgraded by Citigroup (NYSE:C) today, from hold to buy. Citi said that BlackRock is improving its competitive position. Citi hiked its price target on BlackRock by $30, to $210 per share. Earlier in the week Bank of America (NYSE:BAC) and PNC Financial Services (NYSE:PNC) sold a combined 51.1 million shares of BlackRock stock at $163 each. BlackRock shares are trading higher by about 1% on Thursday afternoon.
The stock is a 1.01% holding of the Claymore/Beacon Global Exchanges, Brokers & Asset Managers Index ETF (EXB), along with industry titan Goldman Sachs (NYSE:GS), at 5.62% of the fund, and Morgan Stanley (NYSE:MS) at 5.31%.
Money managers such as State Street (NYSE:STT) and T. Rowe Price (NASDAQ:TROW) are also components of the fund, which is trading flat today.
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