Invesco Benefits From Positive Flows, Market Gains, and Favorable Currency in 1Q
There was little in narrow-moat Invesco's first-quarter results that would alter our long-term view of the firm. We are leaving our $35 fair value estimate in place but expect to increase it in the near term as we incorporate assumptions about an eventual reduction in U.S. corporate tax rates, as well as the firm's impending purchase of Source, a leading independent specialist exchange-traded fund provider in Europe (with $18 billion in managed assets) into our valuation.Invesco closed out the ...
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