UPDATE: Citigroup Raises PT on Invesco Following Raised EPS Estimates

In a report published Thursday, Citigroup analyst William R. Katz reiterated a Buy rating on Invesco (NYSE: IVZ), and raised the price target from $39.00 to $40.00.

In the report, Citigroup noted, “We affirm our Buy rating, edge up our 2014-15 EPS estimates and raise our target $1 to $40 following particularly bullish post 2Q call – see also 2Q13 Initial Look - A Mixed Bag; July Metrics Likely Key Now. While we cautioned against a 2Q miss, and that was the case, we believe there were four key positives from the update that should more than offset the retrospective shortfall. First, volumes have snapped back smartly into 3Q. Second, the margin expansion story remains firmly intact. Third, management did a solid job discussing the impact of rising rates and the ability to manage through flow leadership shifts. Fourth, key line item assumptions reinforce our above consensus view.”

Invesco closed on Wednesday at $32.21.