Invesco assumed with a Market Perform at BMO Capital

BMO Capital analyst Etienne Ricard assumed coverage of Invesco with a Market Perform rating and price target of $21, up from $15. The analyst sees few catalysts for the shares considering the company’s “challenged” near-term flows and lack of shareholder distributions. Invesco benefits from a “differentiated” passive, private alternatives and onshore China positioning which should help offset net flow weakness in active public markets longer term, says the firm.