UPDATE: Deutsche Bank Maintains Hold, Lowers Target to $29 on Cohen & Steers
Deutsche Bank reiterates its Hold rating on Cohen & Steers (NYSE: CNS) while it lowers the price target on the stock to $29 from $30 as it reduces estimates due to lighter fourth quarter AUM.
Deutsche Bank says, "Lowering EPS estimates on lighter 4Q AUM. - Cohen & Steers reported 4Q AUM of $41.3B, up ~7% vs. 3Q AUM of $38.6B. While it's difficult to estimate flows in a given quarter, given the positive performance of the firm's strategies in 4Q, we estimate the firm posted weaker flows in the quarter with modest retail inflows offset by institutional outflows (likely related to Daiwa). As a result of the lower than expected asset levels we are lowering our 4Q estimate to $0.31 from $0.32 (Street at $0.34), and our 2012E goes to $1.45 from $1.50."
CNS closed at $30.49 per share on Wednesday.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.