INVESCO’s Buy Rating Reaffirmed at Citigroup Inc. (IVZ)
INVESCO (NYSE:IVZ)‘s stock had its “buy” rating reiterated by equities research analysts at Citigroup Inc. in a research note issued to investors on Friday, AnalystRatingsNetwork.com reports. They currently have a $41.00 price objective on the stock, up from their previous price objective of $40.00. Citigroup Inc.’s price target indicates a potential upside of 20.87% from the stock’s previous close.
The analysts wrote, “We affirm our Buy rating, raise our target $1 to $41, and add IVZ to the US Focus list following favorable September AUM disclosure. We see several favorable ST & LT drivers around: 1) expect more decisive 3Q13 EPS beat as 3Q average AUM nicely ahead of prior forecast; 2) expect a constructive post 3Q call, with management likely to reiterate 60%+ incremental margins; 3) expect consensus estimates for 2014-15 (too high last year) to rise sharply – we see $3+ EPS power in 2015; and, 4) we see a catch up trade given below average P/E multiple but improving flow metrics as the stock has lagged since May (Fed tapering commentary). We see IVZ as a more actionable story than FXCM as pushed out tapering likely mutes the volume story for FXCM, to some degree, and IVZ continues to gain flow share versus peers, in our view. We estimate $3.5B to $4B in LT net inflows (7% annualized organic growth rate) in September. We are encouraged around the solid organic growth as we believe non-U.S. is likely a solid contributor (particularly traction in Europe) and volumes are biased toward high(er) fee products.”
A number of other analysts have also recently weighed in on IVZ. Analysts at Susquehanna reiterated a “neutral” rating on shares of INVESCO in a research note to investors on Wednesday. They now have a $34.00 price target on the stock, up previously from $33.00. Separately, analysts at ISI Group initiated coverage on shares of INVESCO in a research note to investors on Tuesday. They set a “buy” rating on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of INVESCO in a research note to investors on Thursday, September 12th. They now have a $32.50 price target on the stock. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $34.46.
Shares of INVESCO (NYSE:IVZ) traded up 1.74% on Friday, hitting $34.51. The stock had a trading volume of 1,718,838 shares. INVESCO has a 52-week low of $22.94 and a 52-week high of $35.02. The stock’s 50-day moving average is $31.63 and its 200-day moving average is $31.87. The company has a market cap of $15.282 billion and a P/E ratio of 20.23.
INVESCO (NYSE:IVZ) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.50 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.51 by $0.01. The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter last year, the company posted $0.41 earnings per share. INVESCO’s revenue was up 15.7% compared to the same quarter last year. Analysts expect that INVESCO will post $2.07 EPS for the current fiscal year.
Invesco Ltd. (NYSE:IVZ) is an investment manager, dedicated to helping investors worldwide achieve their financial objectives.
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