UPDATE: Goldman Sachs Downgrades Cohen & Steers to Sell on Sector Challenges
Goldman Sachs lowered its rating on Cohen & Steers (NYSE: CNS) from Hold to Buy and reduced its price target from $31 to $26.50.
Goldman Sachs noted, "We believe CNS shares will underperform (both absolute and relative) as investors contemplate: (1) growing “indexation” of real estate mutual funds amid gains from ETFs; (2) slipping 3-year performance numbers and slower open-end mutual fund flows; (3) recent dividend cuts in Japanese sub-advised funds driving outflows and an adverse fee mix shift. Still, CNS trades at 20X NTM P/E, a significant premium to the group's 14X, and we see 21% downside."
Cohen & Steers closed at $33.71 on Tuesday.
Latest Ratings for CNS
|Jun 2015||Oppenheimer||Initiates Coverage on||Outperform|
|Oct 2014||Gabelli & Co.||Upgrades||Hold||Buy|
|Oct 2014||Bank of America||Maintains||Underperform|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.