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Fly News Breaks for May 13, 2019
IVZ
May 13, 2019 | 07:19 EDT
As previously reported, UBS analyst Brennan Hawken downgrades Invesco to Sell with a price target of $18 and recommends that investors fade the year-to-date rally after its stock appreciated by 27% - the most of any asset manager. The analyst expects the company's earnings multiple to contract after expanding even as the consensus estimates for 2020 have declined. Hawken further anticipates deal accretion to come below Invesco's targets, flat earnings, and "fundamental headwinds" for both Invesco and its acquired OppenheimerFunds.
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