Barclays Maintains an 'Equalweight' on Duff & Phelps (DUF); Weak 2Q Ahead of Expected Robust 2H11

Barclays maintains an 'Equalweight' on Duff & Phelps (NYSE: DUF) price target lowered from $16 to $14.

Barclays analyst says, "Given the rising uncertainty as to the overall economic environment and the slope of the M&A cycle rebound specifically, in addition to some of the firm's own weaker results recently, we are not surprised to have seen DUF shares decline 29% since its last earnings release in late April, underperforming the 4% decline in the S&P500 and the 14%-22% declines in the firm's closest M&A advisory peers. With increased confidence in and evidence of stronger earnings in the near term, we believe there may be some support for DUF shares around these levels..."

"We are lowering our 2011E EPS from $0.87 to $0.80, driven by the $0.04 miss in 2Q11 in addition to a $0.02 reduction in each of 3Q and 4Q which now stand at $0.21 and $0.28, respectively. We are also reducing our 2012E EPS from $1.00 to $0.95."

For more ratings news on Duff & Phelps click here and for the rating history of Duff & Phelps click here.

Shares of Duff & Phelps closed at $11.63 yesterday.

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