Deutsche Bank Downgrades Invesco (IVZ) to Hold
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Deutsche Bank downgraded Invesco (NYSE: IVZ) from Buy to Hold with a price target of $32.00 (from $36.00).
Analyst Brian Bedell said, "Over the long term, we see Invesco as well positioned vs. peers given mgmt has built a very diversified product range by virtually every measure, a strong global distribution platform, and a reasonably good presence in most of the stronger growth areas in asset mgmt. Moreover, we think the risk of elevated outflows from UK Equity products post Key PM departure is manageable. Key positive longer-term attributes are: 1) good position in many key growth areas (ETFs, global distribution, alternatives, defined contribution), 2) strong investment performance track record & active culture despite sizeable index franchise, 3) good growth position given fairly high mix of equities, and 4) strong longer-term performance fee potential. Challenges to core revenue could stem from DOL risk of (retail outflows). Given this outlook and current valuation, our rating is Hold."
Shares of Invesco closed at $30.31 yesterday.
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