Sterne Agee Maintains Neutral on Invesco

Sterne Agee is out with its report today on Invesco

, maintaining Neutral. In a note to clients, Sterne Agee writes, "While there is meaningful upside to our $27 price target (based on 16x '11 cash operating earnings plus net cash & investments), on a relative basis we view the shares as fairly valued given a valuation roughly in line with peers (when looked at on an apples-to-apples basis)." Shares of IVZ closed Thursday at $23.17.