BrightSphere downgraded to Sector Perform from Outperform at RBC Capital

RBC Capital downgraded BrightSphere (BSIG) to Sector Perform from Outperform with a price target of $33, up from $30. The firm sees a “relatively full” valuation, lack of an immediate acquisition catalyst, and says the company’s organic growth from systematic strategies that will take time. RBC still believes the CEO transition and greater visibility of the Acadian business sets up BrightSphere in a better position for long-term operational success, however.