BlackRock's (NYSE:BLK) High Performance Fees Lead Company, Core Business Flat

BlackRock (NYSE:BLK) was able to beat expectations in their latest quarter via high performance fees, but their core business remains flat.

Concerning their latest performance, Susqhehanna said, "EPS beat on higher performance fees, but core business remains lackluster as merger-related outflows continue."

Even so, Susquehanna raised their full year 2011 EPS estimate from $12.04 to $12.13 on the expected strength of the first half.

Susquehanna also introduced their full year 2012 estimate at $13.73, which is 10 cents higher than the Street's.

Susquehanna reiterates their "Neutral" rating on Blackrock (BLK), which closed Wednesday at $199.96, gaining $1.95, or 0.98 percent. Susquehanna raised their price target on Blackrock from $183 to $206.