Oppenheimer Maintains Estimates, Outperform Rating, and $29 PT on SEI Investments

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.