UPDATE: JP Morgan Downgrades Invesco to Neutral on Valuation, Performance Moderation
JP Morgan downgraded Invesco Plc (NYSE: IVZ) from Overweight to Neutral and lowered the price target from $32.00 to $31.00.
JP Morgan said, "With the asset management sector having performed particularly well in 2012 and YTD2013, we no longer find the sector broadly attractive for new investment. For Invesco specifically, its valuation has converged with peers as the stock has reached its 52-week high, the stock is both well-liked and well-owned, and with performance deteriorating somewhat in its leading sales product, Global Balanced Risk, we downgrade the stock to Neutral."
Invesco closed at $27.74 on Friday.
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