Deutsche Bank Initiates Coverage on Cohen & Steers (CNS) with a Hold; An Attractive Niche For The Long Term

June 4, 2009 8:07 AM EDT

Deutsche Bank initiates coverage on Cohen & Steers (NYSE: CNS) with a Hold rating. Price target $15.

Deutsche analyst says, "We are initiating coverage on CNS with a Hold rating, 2009 and 2010 EPS estimates of $0.20 and $0.42, and a $15 PT. The environment has been tough for CNS, but with markets stabilizing, we have likely seen the trough. Given this, as well as its solid fundamentals (strong inv. perf., healthy flows, op leverage, & cash), it has the potential to generate attractive earnings growth and maintain its premium. While CNS is a quality niche franchise that looks well positioned for the long term, given its recent run and some headwinds, we see limited upside in the near term.

"Management's strategy of building out its product mix, diversifying its distribution, innovating new products, delivering solid relative investment performance, and maintaining a relatively conservative balance sheet should position it well for the long term."

To see more analyst ratings on CNS Click Here.

Cohen & Steers, Inc. (CNS), together with its wholly owned subsidiaries manages income-oriented equity portfolios, specializing in United States real estate investment trust (REIT) and international real estate securities, large cap value stocks, utilities and listed infrastructure, and preferred securities.

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