10:31 AM EDT, 10/24/2025 (MT Newswires) -- Blackstone (BX) expects one of its largest years ever for initial public offerings in 2026, lifting the firm's outlook for realizing gains and executing new deals, Deutsche Bank said Friday in a note.

"In terms of product launches, management hinted at a rather aggressive pipeline for next year, expecting 2026 to be its 'busiest year yet' for multi-asset offerings," the note said.

"Management conveyed an optimistic view for Q4 and confidence in the firm's strengthening earnings power heading into 2026," Deutsche Bank said.

Blackstone is tracking "favorably" against its initial view for fee-related earnings margins, despite projected slower growth in base management fees in Q4 from a year earlier, the note said.

The Q3 fee-related earnings margin of 59.3% topped estimates, aided by the company's cost control efforts, the note said.

Deutsche Bank maintained its buy rating on Blackstone stock with a $166 price target.

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