JP Morgan provided color on the asset managers sector. In a research report published today, JP Morgan paints relatively bleak picture for the sector.
In the report, JP Morgan states, “We are lowering estimates for the asset managers based on poor market conditions
in May and the first half of June. While the equity markets have proved resilient
over the last couple of trading days, we feel that estimates are too high and need to
be lowered. That said, asset managers have well underperformed the equity
markets and valuations indicate that the stocks are oversold. …
Our favorite Overweight is Invesco. We rate Federated Underweight.”
On Wednesday, Invesco IVZ lost 2.86% of its value to close the day at $23.36.
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Posted In: Analyst ColorAnalyst RatingsAsset Management & Custody BanksFederated InvestorsFinancialsInvescoJP Morgan
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