NEW YORK (TheStreet) -- Shares of Invesco (IVZ) - Get Report are dropping 7.39% to $23.68 in mid-morning trading on Monday after Citi cut its rating on the stock to "neutral" from "buy," the Fly reports.
The firm reduced its price target to $27 from $38 on shares of the Atlanta-based investment management company.
Citi said the stock is likely "dead money" as investors consider the effects of the U.K.'s decision to leave the European Union, the Fly added.
Banking stocks are being pressured by the referendum as companies may need to cut and relocate thousands of jobs to meet new regulations following the vote, CNBC.com reported.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B- on the stock.
The company's strongest point has been its very decent return on equity which we feel should persist. The team believes its strengths outweigh the fact that the company shows low profit margins.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: IVZ