BlackRock (BLK) Soars as Texas ETF Fuels Wall Street Frenzy

Wall Street's quiet giant just woke up—and it's wearing cowboy boots.

BlackRock's stock (BLK) surged after launching a Texas-focused ETF, proving even institutional behemoths can ride the regional investment wave. The move taps into booming demand for localized exposure—and maybe a little political theater.

Why Texas? Try oil, tech, and zero state income tax. The ETF bundles it all into one tidy package for institutional investors who'd rather not admit they're chasing trends.

Analysts note the irony: A $10T asset manager suddenly playing small ball. 'Next they'll sponsor a rodeo,' quipped one trader.

One thing's clear—when BlackRock sneezes, the market still catches cold. Even if this time it's just allergic to missing out.

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BlackRock created the new Texas ETF as more corporations have moved their operations to the state, or are expanding their presence in it. A few notable examples include Tesla (TLSA), Chevron (CVX), Charles Schwab (SCHW), Oracle (ORCL), Hewlett Packard Enterprise (HPE), and Caterpillar (CAT).

Interest in moving headquarters to Texas has grown due to the state’s favorable tax laws. That’s resulted in many businesses shifting operations out of California and other states with stricter tax laws. This has sparked concern from residents of these states that lost tax revenue will negatively affect them.

BlackRock’s Investments In Texas

BlackRock’s Texas ETF fund makes sense as the firm has $380 billion in assets connected to companies in the state. Included in that is $115 billion in the state’s oil and gas industry. Its huge interest in Texas allows it to offer an ETF that already has strong ties to the area.

BLK stock was up 1.43% as of Tuesday afternoon, extending a 24.16% 12-month rally. On the flip side of that, shares are down 1.35% year-to-date. The stock also received a reiterated Buy rating and $1,154 price target from five-star TD Cowen analyst William Katz.

Is BlackRock Stock a Buy, Sell, or Hold?

Turning to Wall Street, the analysts’ consensus rating for BlackRock is Moderate Buy, based on 11 Buy and two Hold ratings over the past 12 months. With that comes an average BLK stock price target of $1,058.85, representing a potential 5.68% upside for the shares.