UPDATE: Bank of America Downgrades Calamos to Underperform
Bank of America has published a research report on Calamos (NASDAQ: CLMS) and has downgraded the company from Neutral to Underperform based on valuation.
In the report, Bank of America writes, "We are also lowering estimates, as we expect an earnings downdraft in 2012, which lowers our price objective to $12. Earlier, CLMS reported its third straight quarter of mutual fund and total net outflows. For 2011, CLMS had an annualized loss rate of -2.6%, with mutual funds driving nearly all the net outflows and separate accounts roughly flat. The large Calamos Growth fund (1/4 of fund assets) ranked bottom decile, where it remains on a trailing 3-month basis, and had outflows of $1.2bn in 2011. Other funds outperformed in 2011, though largely with negative returns."
Bank of America has also lowered the price objective from $13 to $12 on Calamos, which is currently trading up $0.08 from yesterday's $13.24 closing price.
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