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Investing.com - TD Cowen has reiterated its Buy rating and $30.00 price target on Invesco (NYSE:IVZ), currently trading at $24.07 and near its 52-week high of $24.54, following the asset manager’s September assets under management (AUM) report.
The firm noted that Invesco delivered another month of double-digit long-term net new assets (NNA), reporting approximately $12 billion in inflows for September, which was three times TD Cowen’s expectations.
According to TD Cowen, the strong performance was primarily driven by ongoing strength in ETF products and robust volumes in China and India markets.
The asset manager’s September AUM figures aligned with TD Cowen’s model, while demonstrating "differentiated long-term organic growth" compared to industry peers.
TD Cowen expects Invesco stock to outperform following these results, maintaining its position as one of the firm’s top picks among traditional asset managers.
In other recent news, Invesco Ltd . reported assets under management of $2.12 trillion for September, marking a 3.0% increase from the previous month. The firm experienced net long-term inflows of $11.9 billion, despite money market net outflows of $2.0 billion. Carlyle has reached an agreement to acquire intelliflo from Invesco, a move involving a cloud-based practice management software provider for independent financial advisors in the UK. BMO Capital initiated coverage on Invesco with an Outperform rating, highlighting the company’s efforts to modernize its QQQ exchange-traded funds. Additionally, TD Cowen raised its price target for Invesco to $30 from $29, maintaining a Buy rating following investor meetings with the company’s senior management. TD Cowen also reiterated a Buy rating earlier, noting that Invesco’s July assets under management figures exceeded expectations. These developments reflect ongoing positive momentum for Invesco in the investment management sector.
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