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AB

AllianceBernstein

$29.90

-0.05 (-0.17%)

, BLK

BlackRock

$503.01

-1.42 (-0.28%)

11:17
07/21/18
07/21
11:17
07/21/18
11:17

BlackRock, T. Rowe Price look like bargains, Barron's says

With shares of many investment managers showing double-digit percentage losses so far this year, it might be time to reconsider as valuations are depressed across industry, and the stocks offer attractive dividend yields, Andrew Bary writes in this week's edition of Barron's. Potential catalysts for a turnaround could include better fund flows, an easing of the trend toward passive investing and merger activity, he notes. Among some of the best deals are AllianceBernstein (AB), BlackRock (BLK), Franklin Resources (BEN), Invesco (IVZ), Legg Mason (LM) and T. Rowe Price (TROW), the report adds. Reference Link

AB

AllianceBernstein

$29.90

-0.05 (-0.17%)

BLK

BlackRock

$503.01

-1.42 (-0.28%)

BEN

Franklin Resources

$31.99

-0.28 (-0.87%)

IVZ

Invesco

$25.46

-0.245 (-0.95%)

LM

Legg Mason

$33.37

-0.13 (-0.39%)

TROW

T. Rowe Price

$119.87

-0.85 (-0.70%)

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AB AllianceBernstein
$29.90

-0.05 (-0.17%)

10/26/17
SBSH
10/26/17
UPGRADE
Target $31
SBSH
Buy
AllianceBernstein upgraded to Buy from Neutral at Citi
Citi analyst William Katz upgraded AllianceBernstein to Buy and raised his price target for the shares to $31 from $26. The analyst sees "significant room" for margins to expand, driving upside to consensus and strong earnings growth through 2019 and beyond. He also believes the recent management changes have not impaired the company's organic growth.
BLK BlackRock
$503.01

-1.42 (-0.28%)

07/13/18
KBWI
07/13/18
UPGRADE
KBWI
Outperform
BlackRock upgraded to Outperform from Market Perform at Keefe Bruyette
Keefe Bruyette analyst Robert Lee upgraded BlackRock to Outperform saying shares deserve a premium valuation given its strong secular position and views the recent sell-off as a buying opportunity. The analyst believes BlackRock will be able to sustain an organic growth rate over time in the mid-single-digit range, driving a premium valuation versus peers. Lee trimmed his price target on BlackRock to $590 from $617.
07/13/18
07/13/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. VF Corp. (VFC) upgraded two notches to Buy from Underperform at BofA/Merrill with analyst Robert Ohmes saying he believes Vans momentum is sustainable and will be a "go-to-brand" for the back-to-school selling season. 2. United Rentals (URI) and Herc Holdings (HRI) were upgraded to Buy from Neutral at Buckingham. 3. Raymond James (RJF) upgraded to Buy from Neutral at Citi with analyst William Katz saying he still prefers alternative managers. 4. M.D.C. Holdings (MDC) upgraded to Neutral from Underweight at JPMorgan with analyst Michael Rehaut saying the current valuation appropriately reflects his outlook for above average order growth and margin expansion in 2018. 5. BlackRock (BLK) upgraded to Outperform from Market Perform at Keefe Bruyette with analyst Robert Lee saying shares deserve a premium valuation given its strong secular position and views the recent sell-off as a buying opportunity. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/02/18
JPMS
07/02/18
NO CHANGE
Target $547
JPMS
Overweight
BlackRock removed from Analyst Focus List at JPMorgan
JPMorgan analyst Kenneth Worthington removed BlackRock from his firm's Analyst Focus List and lowered his price target for the shares to $547 from $618. The analyst sees the macro environment as "less constructive" for BlackRock near term. Divergent beta trends have turned negative in recent months with both non-U.S. currencies and non-U.S. markets underperforming, Worthington tells investors in a research note. The analyst, however, continues to believe longer term secular trends are strong for iShares and keeps an Overweight rating on BlackRock.
07/17/18
GSCO
07/17/18
NO CHANGE
Target $570
GSCO
Buy
BlackRock price target lowered to $570 from $605 at Goldman Sachs
Goldman Sachs analyst Alexander Blostein lowered his price target on BlackRock to $570 after its Q2 results, which highlighted a "challenging market backdrop" along with a deceleration in the company's organic fee growth to 4% from 7%. The analyst keeps his Buy rating on BlackRock however, stating that the slowdown in fees was likely "market driven" and does not reflect "company specific weaknesses", adding that BlackRock still has the "operating flexibility to deliver above trend operating income growth, while accelerating technology revenue growth". Blostein lowers his FY18 EPS forecast to $27.57 from $27.96 and FY19 to $30.81 from $31.64 to reflect lowers asset under management levels and lower ETF fee rates partially offset by stronger technology revenues and more accretion from stock buybacks.
BEN Franklin Resources
$31.99

-0.28 (-0.87%)

04/09/18
04/09/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Westlake Chemical (WLK) downgraded to Neutral from Overweight at JPMorgan with analyst Jeffrey Zekauskas citing valuation. 2. Mettler-Toledo (MTD) downgraded to Neutral from Buy at Goldman Sachs with analyst Patrick Donnelly saying he sees an attractive fundamental backdrop across Tools but is more cautious on the outlook for sales upside at Mettler given his view of a likely moderation of growth in China after a year of catch-up investment in the region. Donnelly also highlights "tough comps" in Labs and Product inspection. 3. Franklin Resources (BEN) downgraded to Neutral from Buy at BofA/Merrill with analyst Michael Carrier saying Franklin's bottom half performance and continued outflows limits organic growth and multiple expansion. 4. NewLink Genetics (NLNK) downgraded to Neutral from Overweight at Cantor Fitzgerald and Baird as well as to Hold from Buy at Jefferies. 5. Incyte (INCY) downgraded to Hold from Buy at Gabelli with analyst Jing He citing the "surprising" failure of the Phase 3 ECHO-301 study in melanoma. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/09/18
BOFA
04/09/18
DOWNGRADE
BOFA
Neutral
Franklin Resources downgraded to Neutral on weak performance at BofA/Merrill
As previously reported, As previously reported, BofA/Merrill downgraded Franklin Resources to Neutral from Buy and cut its price target to $37 from $50. Analyst Michael Carrier believes Franklin's bottom half performance and continued outflows limits organic growth and multiple expansion. Carrier lowered estimates given weaker Q1 markets, increased outflow expectations, and more muted 2018 return expectations.
04/09/18
BOFA
04/09/18
DOWNGRADE
BOFA
Neutral
Franklin Resources downgraded to Neutral from Buy at BofA/Merrill
04/05/18
FBCO
04/05/18
NO CHANGE
Target $34
FBCO
Underperform
Franklin Resources price target lowered to $34 from $39.57 at Credit Suisse
Credit Suisse analyst Craig Siegenthaler lowered his price target for Franklin Resources to $34 from $57 on valuation. The analyst reiterates an Underperform rating on the shares.
IVZ Invesco
$25.46

-0.245 (-0.95%)

07/13/18
KBWI
07/13/18
DOWNGRADE
KBWI
Market Perform
Invesco downgraded to Market Perform from Outperform at Keefe Bruyette
Keefe Bruyette analyst Robert Lee downgraded Invesco to Neutral and cut his price target to $29 from $36 telling investors he expects flow trends to remain challenging over the near term and sees few near-term catalysts for improvement despite a discounted valuation.
02/13/18
DBAB
02/13/18
UPGRADE
Target $38
DBAB
Buy
Invesco upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank analyst Brian Bedell upgraded Invesco to Buy while lowering his price target for the shares to $38 from $39. The analyst views the recent pullback in shares as a buying opportunity. Asset manager valuations are now "significantly depressed" relative to better fundamentals, Bedell tells investors in a research note.
02/01/18
02/01/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. eBay (EBAY) upgraded to Outperform from Sector Perform at RBC Capital with analyst Mark Mahaney citing the "ongoing acceleration in Marketplace gross merchandise volume, the surprise announcement that eBay will intermediate payments, and materially ramped up share repurchases." 2. Textron (TXT) upgraded to Equal Weight from Underweight at Morgan Stanley with analyst Rajeev Lalwani citing the growing chances he sees of a bizjet recovery, the stock's relative underperformance over the last year and upside levers that include R&D cuts, M&A, or more capital returns. 3. Invesco (IVZ) upgraded to Outperform from Neutral at Credit Suisse with analyst Craig Siegenthaler saying the operating expense reset with yesterday's fourth quarter results, recent sell-side downgrades, and share price underperformance over the last six months presents an upgrade opportunity and attractive valuation. 4. Baker Hughes (BHGE) upgraded to Neutral from Sell at Goldman Sachs with analyst Waqar Syed saying he believes expectations have been reset lower over the last six months and highlights his firm's more favorable commodity price outlook. 5. AMD (AMD) upgraded to Buy from Hold at Argus with analyst Jim Kelleher saying the latest quarterly results demonstrate the "sustainability of the company's return to consistent profitability and top and bottom-line growth." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/01/18
FBCO
02/01/18
UPGRADE
Target $42
FBCO
Outperform
Invesco upgraded to Outperform from Neutral at Credit Suisse
Credit Suisse analyst Craig Siegenthaler last night upgraded Invesco to Outperform while lowering his price target for the shares to $42 from $43. The operating expense reset with yesterday's Q4 results, recent sell-side downgrades, and share price underperformance over the last six months presents an upgrade opportunity and attractive valuation, Siegenthaler tells investors in a research note.
LM Legg Mason
$33.37

-0.13 (-0.39%)

07/05/18
DBAB
07/05/18
NO CHANGE
DBAB
Buy
Legg Mason shares remain undervalued, says Deutsche Bank
After meeting with management, Deutsche Bank analyst Brian Bedell says shares of Legg Mason remain undervalued. The analyst believes management's retail distribution efforts and collaboration with its affiliates in product design will lift the company's long-term product organic growth rate into at least a positive 1%-2% range this fiscal year and enable at least modest positive operating leverage generation over many of the next several quarters. He views Legg Mason shares as among the better value plays in the asset manager space and keeps a Buy rating on the name.
01/03/18
01/03/18
DOWNGRADE
Target $49

Neutral
Legg Mason downgraded to Neutral at Credit Suisse
As previously reported, Credit Suisse analyst Craig Siegenthaler downgraded Legg Mason to Neutral from Outperform, with a $49 price target, following the U.S. corporate tax reform and Q4 marks.
01/10/18
JEFF
01/10/18
DOWNGRADE
Target $45
JEFF
Hold
Legg Mason downgraded to Hold from Buy at Jefferies
Jefferies analyst Daniel Fannon downgraded Legg Mason to Hold and cut his price target for the shares to $45 from $48. The stock is up near 35% over the last 12 months and are now trading in line with peers, Fannon tells investors in a research note. The analyst sees an "increasingly balanced risk/reward profile" amid deteriorating equity performance at ClearBridge and a "more volatile" flow environment.
01/25/18
RBCM
01/25/18
NO CHANGE
Target $57
RBCM
Outperform
Legg Mason price target raised to $57 from $49 at RBC Capital
RBC Capital analyst Kenneth Lee raised his price target on Legg Mason to $57 and kept his Outperform rating after a Q3 earnings beat. Lee says the results were helped by "higher than expected non-pass-through performance fees and benefit from operating leverage", adding the strong fixed income flows were also positive. The analyst notes that Legg Mason can drive organic growth amid changing industry trends thanks to its well-diversified platform.
TROW T. Rowe Price
$119.87

-0.85 (-0.70%)

05/16/18
05/16/18
UPGRADE
Target $148

Outperform
T. Rowe Price upgraded to Outperform at Credit Suisse
As previously reported, Credit Suisse analyst Craig Siegenthaler upgraded T. Rowe Price to Outperform from Neutral as he believes two key trends will drive stock outperformance into 2019-2020, namely accelerating organic growth and decelerating expense growth. The analyst also raised his price target on the shares to $148 from $135.
05/16/18
DBAB
05/16/18
DOWNGRADE
Target $12
DBAB
Hold
WisdomTree downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Brian Bedell downgraded WisdomTree Investments (WETF) to Hold with an unchanged price target of $12. The analyst believes now is the time to get more bullish on active managers. The pace of passive manager share gains has "slowed dramatically" in 2018 given the sustained alpha generation in many active mutual fund categories versus comparable exchange traded funds, Bedell tells investors in a research note. The analyst coupled the downgrade of WisdomTree with an upgrade of T. Rowe Price (TROW) to Buy.
05/16/18
DBAB
05/16/18
UPGRADE
Target $139
DBAB
Buy
T. Rowe Price upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank analyst Brian Bedell upgraded T. Rowe Price to Buy and raised his price target for the shares to $139 from $121. The analyst believes now is the time to get more bullish on active managers. The pace of passive manager share gains has "slowed dramatically" in 2018 given the sustained alpha generation in many active mutual fund categories versus comparable exchange traded funds, Bedell tells investors in a research note.
07/11/18
DBAB
07/11/18
NO CHANGE
Target $138
DBAB
Buy
Deutsche Bank makes catalyst buy call on T. Rowe Price
Deutsche Bank analyst Brian Bedell made a short-term catalyst call on T. Rowe Price. The analyst recommends buying the stock at current levels. He has a Buy rating on the name with a $138 price target.

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