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Stock Strategist Industry Reports

Our Take on Asset Manager Earnings

Nothing alters our long-term expectations, but we have made some valuation changes.

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There has been little in this quarter’s results that would alter our long-term view of the asset managers that have reported earnings so far, although we did raise our fair value estimates for BlackRock (BLK) and Cohen & Steers (CNS) and lower our fair value estimate for Invesco (IVZ). Our valuations for T. Rowe Price (TROW), AllianceBernstein (AB), Franklin Resources (BEN), and Federated Investors (FII) are unchanged.

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Greggory Warren, CFA does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.