UBS Maintains a 'Neutral' on National Financial Partners (NFP); Expect Near-Term Headwinds to Persist

UBS maintains a 'Neutral' on National Financial Partners (NYSE: NFP) price target lowered from $17 to $14.75.

Analyst, Andrew Kligerman, said, "Although NFP posted solid organic growth and adj. EBITDA margin expansion in 1Q12—with a) Corporate Client Group (CCG) reported organic revenue growth of 8.4% and adj. EBITDA margin of 21.9% (vs. guidance of 3-4% and 18.5%, respectively); and b) Individual Client Group (ICG) saw organic top-line growth of 5.3% vs. (7.8)-(10.3)% decline in recent quarters—management reaffirmed its full-year guidance, signalling relatively weaker results to come for the balance of 2012."

"We think the near-term macro factors will continue to dampen NFP’s growth outlook, as recent economic data is less bullish than that in 1Q12...While the near-term top-line challenges remain, we think NFP’s acquisition strategies and capital management will provide some near-term positives."

For an analyst ratings summary and ratings history on National Financial Partners click here. For more ratings news on National Financial Partners click here.

Shares of National Financial Partners closed at $13.33 yesterday.

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