Investment manager Invesco Ltd. (IVZ) has not been flavor of the month among many analysts, and is currently trading cheaply. Whether it is a value opportunity or a value trap is what I hope to determine in this article.
Invesco has suffered a couple of downgrades earlier this month. Christopher Harris, a Wells Fargo analyst, downgraded Invesco from Equal weight to Underweight, and Kenneth Lee at RBC downgraded it from Outperform to Sector Perform, citing uncertainty about flows in the current financial year as opposed to its peers. Specifically, net outflows for international