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In a report published Wednesday, J.P. Morgan analyst Kenneth B. Worthington upgraded the rating on
Pzena Investment ManagementPZN from Neutral to Overweight, and raised the price target from $9.00 to $11.00.
In the report, J.P. Morgan noted, “We upgrade Pzena to Overweight from Neutral as we see Pzena offering the characteristics that investors are seeking. Pzena is an all-equity asset manager and is benefitting from strong market conditions. Furthermore, its deep value investment style is generating material excess returns, which could persist for three more years. Sales have rebounded, helped by endorsements by Vanguard and ABN Amro, better performance, and greater confidence in deep value investing. We also see material operating leverage, with costs more fixed than at peers. We raise estimates on better market conditions and lift our Dec 2014 price target to $11.”
Pzena Investment Management closed on Tuesday at $8.52.
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