Citi Favorable On Invesco (IVZ)

Citi Investment Research has some favorable thoughts on Invesco Ltd IVZ, as the August assets under management continues to grow. It has a Buy rating, and a $25 price target on shares. In the research report, Citi writes, "Remains a top pick (Buy, $25 target) and TPL! Selection — Given: 1) improving strategic positioning; 2) leverage to cyclical updraft in US equities; 3) further merger benefits; and, 4) upside risk to consensus and attractive valuation. IVZ trades at 12x 2011E cash EPS vs historical 15-16 FTM multiple." Shares of Invesco closed at $20.09 on Friday.