UPDATE: Bank Of America Reiterates On GAMCO Investors On Mixed Factors

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In a report published Monday, Bank of America analyst Adam Q. Beatty reiterated an Underperform rating on
GAMCO InvestorsGBL
, but lowered the price target from $83.00 to $81.00. In the report, Bank of America noted, “We expect GAMCO to underperform the group despite high equity exposure, strong long-term fund performance and solid organic growth. Current year performance fees and investment gains, while potentially strong, appear to be priced into the stock. GAMCO has frequently used its substantial cash balance to pay special dividends or buy back shares. Risks include key man risk, considering the management and PM functions of founder Mario Gabelli, and lack of liquidity in shares of GBL.” GAMCO Investors closed on Friday at $79.86.
Posted In: Analyst ColorPrice TargetAnalyst RatingsAdam Q. BeattyBank of America
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