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
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