UPDATE: J.P. Morgan Upgrades Invesco Ltd. to Overweight on Expected Focus Shift
In a report published Tuesday, J.P. Morgan analyst Kenneth B. Worthington upgraded the rating on Invesco Ltd. (NYSE: IVZ) from Neutral to Overweight, and raised the price target from $31.00 to $34.00.
In the report, Worthington noted, “We had exited the recommendation earlier this year as the stock seemed fairly valued and we saw performance holes developing. However, we think investor focus on expense shortfalls has caused the stock to underperform in 1Q13. We expect that management will put investor concerns at ease in its 1Q13 and 2Q13 earnings releases, allowing them to focus on Invesco's stronger top line growth, driven by improved performance, sales and fee rates. We think the stock is a good one to own in advance of 1Q13 earnings, scheduled for April 30.”
Invesco Ltd. closed on Monday at $29.20.
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