1H Results Set Invesco Up for Strong Close to 2017; Increasing FVE to $37
We have increased our fair value estimate for narrow-moat-rated Invesco to $37 per share from $35 following somewhat stronger-than-expected results from the company through the first half of 2017, which sets it up for an easier back half of the year--a period that includes the closing of the Source acquisition (which had $18 billion in in-house exchange-traded fund assets under management and another $7 billion in externally managed assets).Invesco closed the June quarter with a near-record $8...
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