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Nov. 27, 2013, 1:03 PM
- The all-equity asset manager is in a sweet spot, says the team, benefitting from strong market conditions, and Richard Pzena's (PZN +9.6%) deep value investing style which is generating "material excess returns, which could persist for three more years."
- "Sales have rebounded, helped by endorsements by Vanguard and ABN Amro, better performance, and greater confidence in deep value investing. We also see material operating leverage, with costs more fixed than at peers."
- The upgrade is to Buy with price target raised to $11 from $9.
Oct. 13, 2011, 12:38 PMMacquarie adds to the drubbing in financials today after it downgrades a number of asset managers on a combination of deteriorating fundamentals and relative valuation: Legg Mason (LM -6.1%) is cut to Neutral, and Affiliated Managers (AMG -5.1%) and Pzena (PZN -6.6%) are both reduced to Underperform. | Comment!
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