** BlackRock's BLK.N Q2 profit outpaced Wall Street estimates on Wednesday as a stock market rally lifted the value of client assets and investors poured money into its exchange-traded funds

** Median PT of 19 brokerages covering the world's largest money manager is $1,264; average rating "buy" - data compiled by LSEG

VALUATION TRAILS FUNDAMENTALS

** J.P.Morgan ("overweight," PT: $1,364) says "strong fundamental outlook provides upside to stock that has lagged"

** Evercore ISI ("outperform," PT: $1,245) says the growth story is becoming more levered to structural share gains across higher-value categories

** Morgan Stanley ("overweight," PT: $1,488) sees BLK's current valuation as disconnected from fundamentals, trading at a discount despite durable (over 5%) organic base fee growth, expanding margins and improving capital return

** KBW ("outperform," PT: $1,300) says BLK remains a core holding, given the company's scale and industry-leading margin and growth profiles