Jul. 21 at 8:05 AM
$IVZ
TD Cowen Upgrades
$IVZ to Buy from Hold, Raises PT to
$25 from
$17.50
Analyst comments: "Upgrade to Buy; raise 12M price target to
$25; raise '26E 10%+. Actions follow 7/18 announcement that IVZ is seeking to migrate QQQ from a Unit Investment Trust to an open-end management company – all under ETF umbrella. Move: 1) enhances flows; 2) enhances overall fee rate, and thus aligns flows/revenues; 3) accretive to margins; and 4) ~
$100M/year profits – all multiple expanding, we believe."