There is a lot more upside ahead for Blackstone , according to Matt Maley, Miller Tabak’s chief market strategist. The alternative asset manager moved higher Thursday but is still down about 18% year to date, underperforming the broader market. The S & P 500 has lost 3.5% so far this year. Blackstone was one of three stocks Maley called out as buys during CNBC’s ” Power Lunch .” Blackstone The firm is filled with “the smartest guys in the room,” Maley said. He’s expecting a rebound in Blackstone similar to what the stock saw in 2022, when it lost 40%. In comparison, the S & P 500 fell more than 19% that year. “When it bounced back, it outperformed back in a big way,” he said. These days, he thinks Blackstone is oversold. “When they come out of this downturn, they’re going to make a lot of money,” he said. “I think it’s a real good play down here.” Travelers This insurance play is more of a trade, with a time horizon of about six months, Maley said. Travelers ‘ underwriting was still pretty good when it announced quarterly earrings in April, although it has been dealing with catastrophic losses, he said. It is also a “long way from hurricane season,” Maley added. However, the main reason for his call is a technical one. The stock has been bumping up against the $270 level for about six months, he said. This is the fourth time it’s doing so — and is finally breaking above it, Maley said. “If it can push just a little bit higher and confirm that breakout, it is going to attract a lot of momentum money,” he said. “It should run quite a bit further.” Travelers hit a 52-week high on Thursday and closed at $270.82. It is up nearly 13% year to date. TRV YTD mountain Travelers General Dynamics The world is not becoming any safer — and defense contractor General Dynamics should benefit, Malek said. Global tensions remain high around the globe, witness the current conflict between India and Pakistan, he noted. “Defense spending around the world — Europe, U.S., everywhere — is going to be much better in the years ahead,” he said. General Dynamics is up about 3% year to date.
