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Calamos Investment's New Management 'Looking To Correct Course,' Says Credit Suisse

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Calamos Investment's New Management 'Looking To Correct Course,' Says Credit Suisse

Credit Suisse said the new management team at Calamos Asset Management, Inc (NASDAQ: CLMS) is in a "course correction" mode, as the firm reiterated its Underperform rating and $6 target price on the stock.

Following the announcement of new CEO John Koudounis in March of this year, Calamos appointed a new CFO, Thomas Herman, in June.

"We wait to see if the infusion of a new management team (both external hires) will result in an improvement in performance, product innovation, and a return to positive organic growth," analyst Ari Ghosh wrote in a note.

Related Link: Keefe, Bruyette & Woods Upgrades Calamos To Market Perform, Lowers To $7.50

"Also, we think CLMS is one of the weaker positioned small-cap asset managers for the new regulation (including the DOL rule), given its relatively higher contribution of distribution revenues and higher mix of expensive share classes," Ghosh added.

The analyst expects EPS of $0.05/$0.11 in 2016/2017 versus consensus estimates of $0.16/$0.35.

Shares of Calamos Asset Management closed Thursday's regular trading session at $7.30.

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Latest Ratings for CLMS

DateFirmActionFromTo
Jul 2016MaintainsMarket Perform
Jul 2016AssumesUnderperform
Jun 2016UpgradesUnderperformMarket Perform

View More Analyst Ratings for CLMS
View the Latest Analyst Ratings

Posted-In: Ari Ghosh Credit SuisseAnalyst Color News Price Target Reiteration Management Analyst Ratings

 

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