Ticonderoga Reiterates a 'Sell' on Artio Global Investors (ART); Q1 First Look: Outflows Accelerate
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Price: $2.74 --0%
Rating Summary:
1 Buy, 3 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
1 Buy, 3 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Ticonderoga reiterates a 'Sell' on Artio Global Investors (NYSE: ART), PT $11.50.
Ticonderoga analyst says, "ART reported EPS of $0.41, $0.01 ahead of our estimate. The upside was in non-operating income. We were modeling flat, but ART had $565,000 in gains. Net revenues of $82 million were in line with our estimate...Net outflows were $3.2 billion, at the low end of the $3.2-$3.5 billion range we indicated. This translates into organic decay of 24% compared to 23% last quarter. Outflows came from the international strategies."
"We remain concerned about the health of this business in its current form. We believe ART needs to re-invest in distribution and product expansion for the long-term benefit of the franchise. Concentration around products that are underperforming with inferior distribution and suffering now from cannibalization (ETFS) represent material risks, in our opinion."
For more ratings news on Artio Global Investors click here and for the rating history of Artio Global Investors click here.
Shares of Artio Global Investors closed at $16.92 yesterday.
Ticonderoga analyst says, "ART reported EPS of $0.41, $0.01 ahead of our estimate. The upside was in non-operating income. We were modeling flat, but ART had $565,000 in gains. Net revenues of $82 million were in line with our estimate...Net outflows were $3.2 billion, at the low end of the $3.2-$3.5 billion range we indicated. This translates into organic decay of 24% compared to 23% last quarter. Outflows came from the international strategies."
"We remain concerned about the health of this business in its current form. We believe ART needs to re-invest in distribution and product expansion for the long-term benefit of the franchise. Concentration around products that are underperforming with inferior distribution and suffering now from cannibalization (ETFS) represent material risks, in our opinion."
For more ratings news on Artio Global Investors click here and for the rating history of Artio Global Investors click here.
Shares of Artio Global Investors closed at $16.92 yesterday.
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