UPDATE: Credit Suisse Raises Target on Invesco to $26

Credit Suisse maintains its Outperform rating on Invesco

and raises its price target to $26 from $25 a share on several catalysts in the company's future, as well as a cheap current valuation. Credit Suisse says, "IVZ released stronger reported earnings and better than expected net flows: IVZ's 4Q11 adjusted EPS of $0.42 was $0.02 above our forecast and the consensus. Key areas of strength were performance fees, other revenues (PE, RE transaction fees), and a lower than expected tax rate (mgmt guided down the forward tax rate in 2012). Net long-term flows of $5.6B represent about 4% annualized organic growth (one of the highest rates in the industry), and this level exceeded our $3B forecast." IVZ closed at $22.78 a share on Thursday.