Keefe Bruyette & Woods Comments On Mutual Fund Flows

AllianceBernstein AB PT - $28 Risks include assets, revenues, and earnings leveraged to the performance of Global equity and bond markets; and demand for products is vulnerable to weak investment performance and poor capital market returns. Blackrock Inc BLK PT - $210 The major risks to the price target include sensitivity to changes in investment performance and assets under management, as well as integration risk. BlackRock's revenues and earnings are very sensitive to changes in AUM. The changes are a function of investment performance, which in turn drives new business flows and investment returns on existing asset Invesco Ltd. IVZ PT - $29 Invesco's revenues and earnings are highly sensitive to the investment performance of the company's underlying investment products. Invesco's financial results are also sensitive to changes in the level and mix of assets under management, which in turn determine management fee revenues. T Rowe Price Associates TROW PT - $64 TROW's assets, revenues, and earnings are highly leveraged to the performance of the equity markets. Also, unexpected deterioration in operating margins could negatively impact earnings and valuation. AB closed Thursday at $24.11 BLK closed Thursday at $195.81 IVZ closed Thursday at $24.73 TROW closed Thursday at $66.74