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Keefe Bruyette & Woods is raising the price target of Calamos Asset Management
CLMS to $15 from $12 and raising 2010 and 2011 EPS estimates to $0.88 (from $0.83) and $0.95 (from $0.85). It also is upgrading CLMS to Outperform from Market Perform.
Risks to achieving the price target include CLMS revenues and earnings are very sensitive to changes in AUM, which are a function of investment performance and investment returns on existing assets. Also, CLMS has a complex corporate structure with voting control residing with the
Calamos family. Accordingly, public shareholders have little say over the operations and deployment of excess capital.
CLMS closed Wednesday at $12
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Posted In: Analyst ColorUpgradesPrice TargetAnalyst RatingsAsset Management & Custody BanksFinancialsKeefe Bruyette & Woods
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