Affirm Buy And Increased Price Target For Invesco Ltd

Invesco Plc New IVZ remains top large cap selection given improving strategic position, further merger benefits, upside to consensus and attractive valuation at 12x-13x adjusted EPS. In a research report Citi writes, "Raising adjusted EPS and expect beat to consensus — 3Q10 adjusted EPS of $0.36 remains unchanged as we recently updated for the majority of 3Q NAV gains but we would not be surprised if IVZ reported $0.37 given favorable FX impact. We raise our 2010-12 adjusted EPS from $1.27/$1.68/$1.89 to $1.28/$1.72/$1.90. More importantly, we are $0.02 above the current FC consensus and we expect 3Q EPS to raise "run rate" Street expectations for 2011, which could be a catalyst for the stock." IVZ closed yesterday at $22.19