UPDATE: Oppenheimer Downgrades SEI Investments to Perform
Oppenheimer is out with its report today on SEI Investments (NASDAQ: SEIC), downgrading SEIC from Outperform to Perform.
In its report, Oppenheimer writes, "Reflecting recent market volatility/weakness, sluggish sales trends with potential for further elongation of sales cycles and rising costs, we're downgrading SEIC to Perform from Outperform, reducing estimates and removing our $26 PT."
At the time of posting, shares of SEIC were trading at $15.91, down 5.75% from Friday's close.
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