BMO Capital raised the firm’s price target on Invesco (IVZ) to $30 from $28 and keeps an Outperform rating on the shares. The company announced de-leveraging through an agreement with MassMutual of an additional $500M preferred repurchase expected to close later this month, and the firm views this positively as the de-leveraging is a key pillar of its thesis, the analyst tells investors in a research note. BMO adds that this reinforces its confidence in management’s ability to execute on strategic priorities.
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