UPDATE: Wells Fargo Securities Upgrades Invesco as Fundamentals Have Become Disconnected from Valuation
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
Date | Firm | Action | From | To |
---|---|---|---|---|
Jan 2021 | Morgan Stanley | Maintains | Equal-Weight | |
Jan 2021 | Morgan Stanley | Maintains | Equal-Weight | |
Oct 2020 | Credit Suisse | Maintains | Neutral |
View More Analyst Ratings for IVZ
View the Latest Analyst Ratings
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Posted-In: Christopher Harris Wells Fargo SecuritiesAnalyst Color Upgrades Analyst Ratings