Citi increased estimates for both Invesco (IVZ) and T. Rowe Price (TROW) citing the strong market performance, along with a slightly better than expected flow picture. The firm expects the overall flow picture to continue to improve in 2024 relative to 2023. However, BlackRock (BLK) remains Citi’s favored name long-term in the traditional asset manager space given its leverage to fixed income, alternatives and exchange traded funds as well as its scale. The firm keeps Neutral ratings on Invesco and T. Rowe Price and a Buy rating on BlackRock.
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