Sterne Agee is out with its report today on Invesco IVZ, maintaining Neutral.
In a note to clients, Sterne Agee writes, "While there is meaningful upside to our $27 price target (based on 16x '11 cash operating earnings plus net cash & investments), on a relative basis we view the shares as fairly valued given a valuation roughly in line with peers (when looked at on an apples-to-apples basis)."
Shares of IVZ closed Thursday at $23.17.
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