UPDATE: Citigroup Upgrades Artio Global Investors to Neutral, Reiterates $2.50 PT
In a report published Wednesday, Citigroup upgraded its rating on Artio Global Investors (NYSE: ART) from Sell to Neutral, and reiterated its $2.50 price target.
Citigroup noted, “Fundamental issues remain but upgrade to Neutral from Sell. Despite a mixed fundamental outlook, we move to the sidelines reflecting: 1) ~25% correction in the stock price since early January; and, 2) downside support from $2+ p.s. in net cash + seed capital. No question, we still harbor concerns around elevated attrition, adverse mix shift, and declining profitability, but with the stock price modestly above net cash/investment per share, much of our differentiated view is now reflected, we believe – particularly as no value appears to be ascribed to the declining equities business.”
Artio Global Investors closed on Tuesday at $2.38.
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