TD Cowen upgrades Invesco to Buy on ‘game changing event’

TD Cowen last night upgraded Invesco (IVZ) to Buy from Hold with a price target of $25, up from $17.50. The company’s registration documents requesting to migrate its QQQ exchange traded fund from a unit investment trust to an open-end fund structure is a “game changing event,” the analyst tells investors in a research note. TD believes the move is reflective of earnings accretion and sees room for additional multiple expansion for the shares as investors think through implications.