Buckingham Research Affirms Strong Buy Rating on Nuveen Investments (JNC)
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Buckingham Research affirms Strong Buy rating and $66 price target on Nuveen Investments (NYSE: JNC).
Buckingham analyst, William R. Katz, says, "We affirm our Strong Buy rating and $66 DCF-derived 12-month price target following Buckingham Research Group-sponsored investor meetings at JNC’s headquarters in Chicago on May 24th with Mr. John Amboian, President; Mr. Glenn Richter, Chief Administrative Officer and Principal Financial Officer; and Mr. William Adams, Executive Vice President, U.S. Structured Products (closed-end funds). Broadly, the meetings reinforced JNC well positioned to deliver 15% CAGR in EPS – pre upfront structured products IPO costs – with relatively low risks. While management reiterated its 10% to 12% annual EPS growth goal, we believe the franchise has significant momentum to handily exceed such growth, even after considering stepped up spending."
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