J.P. Morgan Overweight On Invesco

J.P. Morgan Chase & Co. is out with a research report on Invesco Ltd. IVZ and it was an Overweight rating and a $29.50 price target on shares. In a note to clients, J.P. Morgan Chase & Co. writes, "As we catch up from earnings last week, we adjust our Invesco earnings model. The company posted 2Q11 EPS of $0.44, a penny above our estimate and the consensus. Invesco saw solid 2Q results. The company experienced a lower tax rate and slightly better below the line expenses, which helped. The solid earnings were accompanied by solid net sales, particularly good when excluding the QQQ fund, which does not contribute to earnings. The solid sales occurred when Invesco was merging funds, and with that complete, we expect to see sales trends in US retail slowly improve. We maintain our Overweight rating, and maintain our 12/11 price target of $29.50." Shares of IVZ lost 19 cents on Friday to close at $22.18, a loss of 0.85%.