Wed Oct 19, 2022 – 10:17 pm EDTWed Oct 19, 2022 – 10:57 pm EDT
(LifeSiteNews) — A major investment firm is seeing its stock value plummet after a slew of Republican-led states cut ties with it over its promotion of left-wing agenda items through divisive Environmental, Social, and Governance (ESG) scores.
The world’s top asset manager, BlackRock Inc. manages almost $10 trillion in investments and boasts such big-ticket holdings as Amazon, Apple, Microsoft, and Tesla, according to filings with the Securities and Exchange Commission (SEC).
Last week, UBS analyst Brennan Hawken downgraded the firm from “Buy” to “Neutral” due to its increasingly unpopular focus on pushing so-called Environmental, Social, and Governance (ESG) scores, according to a report from Barron’s, the Dow Jones & Company’s official financial news publication.
“We are downgrading BLK to Neutral based on environmental pressure to earnings and risk from the firm’s ESG positioning,” Hawken said in the report, which flagged ESG as a “increasingly risky.”
The burgeoning financial risk posed by politically unsavory ESG scores caused Hawken to cut BlackRock’s target stock price by $115 per share, from $700 to $585. The firm’s shares fell by 1% following the report, The
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