UPDATE: BMO Capital Markets Downgrades Invesco to Market Perform on Valuation

BMO Capital Markets downgraded Invesco

from Outperform to Market Perform and maintained a $29.00 price target. BMO Capital Markets noted, "While valuations for asset managers have increased this year with the overall market, we believe the relative valuation for Invesco makes it a less compelling opportunity, and we prefer a better entry point for new money. Invesco's relative valuation is now in line with historical averages. Its P/E multiple is 86% relative to traditional asset manager peers and 94% relative to the S&P 500, in line with historical medians of 88% and 94%, respectively." Invesco closed at $27.28 on Monday.