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Credit Suisse has a look at the asset managers

Jul. 15, 2016 10:06 AM ETVirtus Investment Partners, Inc. (VRTS) StockCLMS, VRTS, MN, APAMBy: Stephen Alpher, SA News Editor
  • Expecting a significant improvement in net flows over the next few quarters, and continued strong capital returns, and noting solid overall fund performance and an attractive valuation at current levels, analyst Ari Ghosh upgrades Virtus Investment (VRTS +3.6%) to Outperform with $91 price target, suggesting near 15% upside from yesterday's close.
  • "We wait to see if the infusion of a new management team (both external hires) will result in an improvement in performance, product innovation, and a return to positive organic growth," he says, reiterating an Underperform rating and $6 price target on Calamos Asset Management (CLMS -2.6%).
  • Investment performance has improved across various products, but Manning and Napier's (MN -1.7%) overall performance is "the weakest in our coverage," he says, reiterating a Neutral rating and $9 price target.
  • Ghosh throws in the towel on Artisan Partners Asset Management (APAM -1.5%) with a downgrade to Neutral from Outperform. "APAM's long-term fund performance has steadily declined from industry-leading levels (~80 percent of its retail AUM was rated 4/5 stars by Morningstar in Dec'15) to below the industry average over the last 6 months."

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