Goldman Sachs Downgrades Calamos Asset Management (CLMS) to Sell; Sees 20% Downside

Goldman Sachs downgraded Calamos Asset Management (NASDAQ: CLMS) from Neutral to Sell with a price target of $10, suggesting over 20% downside.

The firm sees the company's recent underperformance across key strategies to weight
the its organic growth, which will pressure the stock's earnings outlook and its premium valuation relative to other asset managers.

2011/2012 EPS estimates remain unchanged at $0.98/$0.80, but Goldman lowered 2013 slightly to $0.83 from $0.85 on lower AUM levels.

For an analyst ratings summary and ratings history on Calamos Asset Management click here. For more ratings news on Calamos Asset Management click here.

Shares of Calamos Asset Management closed at $12.72 yesterday, with a 52 week range of $9.40-$17.41.

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