Nomura Securities Maintains a 'Buy' on Invesco (IVZ); 4Q11: Positive Momentum in a Tough Tape

Nomura Securities maintains a 'Buy' on Invesco (NYSE: IVZ) price target of $24.00.

Analyst, Glenn Schorr, said, "While part of the beat was due to higher performance fees (not a bad thing), we thought IVZ had a solid quarter in a tough tape and showed ongoing momentum for inflows (+5.6bn in 4Q) and performance and continues to use its free cash flow to both de-lever and buy back stock (~$100mm of each this qtr). While the op margin fell a modest 40bps and gross sales were down (again, tough market…), things look good going forward as ending AUM is above 4Q’s average and the markets are up 3%-4% so far in January. With solid performance, expanding distribution, better-than-average flows and a yield better than the 10-year (2.25%), IVZ is a cheap and attractive stock, we feel."

For an analyst ratings summary and ratings history on Invesco click here. For more ratings news on Invesco click here.

Shares of Invesco closed at $22.18 yesterday.

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