UPDATE: Susquehanna Raises PT on Invesco Ltd. Following 3Q13 Earnings Preview
In a report published Wednesday, Susquehanna International Group analyst Doug Sipkin reiterated a Neutral rating on Invesco Ltd. (NYSE: IVZ), and raised the price target from $33.00 to $34.00.
In the report, Susquehanna International Group noted, “We are leaving our 3Q13 estimate unchanged at $0.52 per share. Our full-year estimates are now $2.09 and $2.41 compared to $2.07 and $2.34, previously. Our new target is $34. The revision is reflective of market appreciation in September. We expect IVZ to have inflows of $2.5 billion-$3.5 billion in the quarter driven by passive and active equity partially offset by bonds and balanced. This quarter should support the diversity argument for the franchise. Flows should be at the higher end of the industry despite weakness in the balanced category. We see the closing of the Atlantic Trust deal as a potential catalyst as it will likely drive increased near-term capital returns. Shares look reasonable at current levels.”
Invesco Ltd. closed on Tuesday at $31.50.
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