In a report focusing on SEI Investments Co. SEIC, Oppenheimer said that it remains optimistic about long-term GWP prospects “but suspect positive returns remain a ways away.”
“SEI expects ~$20M in GWP-related revenue during FY11, representing a relatively nominal percentage of signed client assets, while its conservatively defined UK pipeline approximates $45M, modestly improved Y/Y, although broadened and apparently of higher quality,” Oppenheimer writes.
“Our estimates are unchanged. We remain optimistic about SEI's intermediate and long-term prospects and believe the longer term implications of GWP's success remain under-appreciated. We maintain our Outperform rating and $29 PT, although we eagerly await GWP revenue acceleration.”
SEI Investments closed Wednesday at $22.94.
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