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Friday, April 03, 2009|
Analysts Bump Up Their Forecasts on Asset Managers' Profits
Some analysts who track the asset management industry have raised their earnings forecasts, but concerns regarding the challenges facing asset managers remain, reported Dow Jones Newswires' Sam Mamudi.
Though the outlook has improved, the first-quarter numbers are expected to be poor.
Standard & Poor's analyst Matthew Albrecht said he thinks results will be lower in the first quarter than in the fourth quarter. But if asset managers' write-downs from their own investments are less than Q4 numbers, Q1 numbers could be slightly higher.
For his part, JPMorgan analyst Ken Worthington said that although 2009 will likely continue to be a challenging year, "if a recovery does materialize, we now expect a somewhat more normalized earnings stream in 2010."
Worthington and Credit Suisse analyst Craig Siegenthaler upped their estimates for T. Rowe Price and Franklin Resources. Siegenthaler and Goldman Sach's Marc Irizarry raised their forecast for Invesco. Siegenthaler likewise upped his estimate for Janus Capital Group.
Analysts for Goldman, Jefferies & Co., Credit Suisse raised 2010 earnings estimates for Legg Mason.
Printed from: MFWire.com/story.asp?s=21204
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