Oppenheimer Raises SEI Investments FY10 And FY11 Earnings Estimates

Oppenheimer is raising its SEI Investments Company SEIC FY10 and FY11 earnings estimates to reflect tight cost controls which more than counterbalance somewhat disappointing revenue and sales growth. “Sales activity moderately slowed in 3Q:10, which we attribute to the challenging macro environment,” Oppenheimer writes. “However, we continue to believe GWP is gaining sales momentum, and it's a matter of time before the robust pipeline converts to deal wins.” Oppenheimer says that it views SEIC shares as attractive for long-term investors as the market appears to be affording nominal value for the increasingly likely success of GWP. The company maintains its Outperform rating and $25 price target. SEI Investments currently trades for $21.78.