2023-03-29 09:56:56 ET
- Invesco ( NYSE: IVZ ) stock ascended 2.3% in Wednesday morning trading as Credit Suisse upgraded shares of the traditional asset manager to Neutral from Underperform on limited downside to the stock after its recent selloff.
- While IVZ gained 8.6% in the past five sessions, it's down 12.1% since the start of 2023 with much of those losses taking hold after the round of bank failures earlier this month.
- The year-to-date slump in IVZ compares with peers in Credit Suisse’s coverage of traditional asset managers, which are off less than 1% (median), analyst Bill Katz pointed out in a note.
- Still, Katz said he foresees mixed long-term flow dynamics and organic revenue growth, muted capital management flexibility and high 2024 consensus estimates.
- The Neutral rating agrees with the Quant system rating and the average Wall Street analyst rating, both at Hold.
- Unfavorable market returns hurt Invesco's ( IVZ ) assets under management during February .
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Invesco upgraded to Neutral at Credit Suisse on limited downside