Invesco: Lowered Moat Rating to None From Narrow on Diminished Intangible Assets
We've lowered our moat rating for Invesco to none from narrow. Our fair value estimate remains in place at $18 per share. While Invesco has some moatworthy characteristics—such as, a well-known brand, well-forged distribution ties, repeatable investment strategies, and an ability to generate organic growth—these attributes and other intangible assets have diminished more than we expected in the past five years.