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Bank of America Raises PO on Cohen & Steers Following 1Q14 Results

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Cohen & Steers (CNS): Strong Industry, Solid Earnings Estimate Revisions - Tale of the Tape

In a report published Monday, Bank of America Merrill Lynch analyst Adam Beatty maintained an Underperform rating on Cohen & Steers (NYSE: CNS) and raised the price objective from $34.00 to $36.00 following first quarter results.

Cohen & Steers reported first quarter 2014 results on April 16 after the markets closed. The company reported first quarter EPS of $0.43 versus consensus estimate of $0.40 and Bank of America's $0.39 estimate. Revenue came in slightly below the $72.5 million consensus estimate at $72.8 million.

Beatty forecasts higher revenue in the second quarter due to the additional day, AUM increase and milder outflows.

The analyst continued, “we expect seasonally high G&A expenses to keep operating margin relatively depressed. Given mixed trends with lingering outflows but better performance, along with a $235mn sold backlog, we expect gradual improvement in outflows during 2014. CNS remains debt-free with ~$4/share in cash, and we expect continued regular and special dividends.”

Shares of Cohen & Steers closed at $39.79 on Thursday and are currently trading at $39.34, down 1.14 percent.

Latest Ratings for CNS

Apr 2014Bank of AmericaMaintainsUnderperform
Apr 2013Sidoti & Co.Initiates Coverage onBuy
Apr 2013Bank of AmericaDowngradesBuyUnderperform

View More Analyst Ratings for CNS
View the Latest Analyst Ratings

Posted-In: Adam Beatty Bank of America Merrill LynchAnalyst Color Price Target Analyst Ratings


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