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Jefferies upgrades BlackRock to buy, says valuation is most attractive in four years

BlackRock signage above building entrance in New York.
Scott Mlyn | CNBC

Jefferies upgraded BlackRock to buy from hold on Tuesday, saying its valuation provides a "rare" entry point.

The bank said BlackRock's risk reward is the most attractive in four years after the asset manager posted a record level of inflows into its exchange-traded funds in the fourth quarter.