Ticonderoga Reiterates a 'Sell' on Artio Global Investors (ART); Material Outflows Persist
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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, "We estimate that for the current month of June, funds are already down 3.5% in terms of absolute performance. Accordingly, the near-term bias is for further reductions to estimates. Relative performance has gotten a touch better recently (three months) but remains weak across critical periods. Retail outflows appear to have continued into June at the same pace of prior months. Through the first week of June, we estimate retail outflows of $163 million, or a pace of $654 million for the month. We would not be surprised to see institutional outflows higher next month as institutional activity is usually higher in the first or last month of the quarter."
"Weak international equity markets, European debt fears, a strong dollar, and material outflows continue to put ART in a challenging spot. Combined with rising compensation costs, run rate earnings appear to be under significant pressure."
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 $12.44 yesterday.
Ticonderoga analyst says, "We estimate that for the current month of June, funds are already down 3.5% in terms of absolute performance. Accordingly, the near-term bias is for further reductions to estimates. Relative performance has gotten a touch better recently (three months) but remains weak across critical periods. Retail outflows appear to have continued into June at the same pace of prior months. Through the first week of June, we estimate retail outflows of $163 million, or a pace of $654 million for the month. We would not be surprised to see institutional outflows higher next month as institutional activity is usually higher in the first or last month of the quarter."
"Weak international equity markets, European debt fears, a strong dollar, and material outflows continue to put ART in a challenging spot. Combined with rising compensation costs, run rate earnings appear to be under significant pressure."
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 $12.44 yesterday.
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