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UPDATE: Wells Fargo Securities Upgrades Invesco as Fundamentals Have Become Disconnected from Valuation

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In a report published Monday, Wells Fargo Securities analyst Christopher Harris upgraded the rating on Invesco (NYSE: IVZ) from Market Perform to Outperform.

In the report, Wells Fargo Securities noted, “Upgrading IVZ to Outperform from Market Perform as we believe fundamentals have become disconnected with valuation. IVZ has not been without its share of controversies (margins, IBRA, Woodford) but we see concerns with the stock ebbing as core fundamentals are strong and blowback from Woodford is likely manageable. With a stock that has lagged peers, we think the set-up looks very good particularly given the retail rotation toward high beta. We up our 2014E/2015E EPS modestly to $2.44/$2.80 from $2.42/$2.75 on a higher buyback assumption. We also raise our range to $38-42 from $33-37 as we now believe a multiple closer to the group average (16x on 2014E) is sensible.”

Invesco closed on Friday at $33.32.

Latest Ratings for IVZ

DateFirmActionFromTo
Jan 2021Morgan StanleyMaintainsEqual-Weight
Jan 2021Morgan StanleyMaintainsEqual-Weight
Oct 2020Credit SuisseMaintainsNeutral

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Posted-In: Christopher Harris Wells Fargo SecuritiesAnalyst Color Upgrades Analyst Ratings

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