Invesco cut to Hold at Argus on valuation and competition

As previously reported, Argus analyst Stephen Biggar downgraded Invesco (IVZ) to Hold from Buy. The firm notes that its downgrade reflects a better-than-80% rise in shares over the past year, which has narrowed the valuation gap with the company’s peers, as well as the expected considerable competition from new ETF entrants for its flagship QQQ vehicle that amounts to about 17% of Invesco’s assets under management, the analyst tells investors in a research note.