NEW YORK (AP) ¿ Shares of SEI Investments Co. advanced Tuesday after an analyst upgraded the investment manager and processor, citing improving sales and recent strength in the equity market. In a note to investors, Oppenheimer analyst Glenn Greene raised his rating on the firm to "Outperform," from "Perform," with a price target of $22. That implies potential upside of 28.2 percent over the stock's closing price Monday of $17.16. SEI Investments stock gained 52 cents, or 3 percent, to $17.68 in late morning trading. Greene also raised his 2009 profit estimate by 7 cents to 93 cents per share and upped his 2010 estimate by 13 cents to $1.09 per share. The firm's Global Wealth Platform recently signed a new client, Greene wrote, noting the segment's shift to focus on independent wealth advisers. Citing the company's potentially improving sales momentum, Greene wrote the firm's recent results "do reflect the resiliency of SEI's business." In April, the company reported its first-quarter profit fell 30 percent to $34.2 million, or 18 cents per share, from $48.9 million, or 25 cents per share a year earlier. Revenue dropped 26 percent to $248.6 million.
TheStreet’s Fundamentals of Investing Course will teach you the keys to making the right decisions in any market.
TheStreet’s Personal Finance Essentials Course will teach you money management basics and investing strategies to help you avoid major financial pitfalls.
TheStreet Courses offers dedicated classes designed to improve your investing skills, stock market knowledge and money management capabilities.
More from Technology
Chip Stocks Look More Intriguing After Their Recent Plunge
While it's possible that trade tensions will lead chip stocks to sell off farther, a lot has already been priced in, and it's not a given that worst-case fears will be realized.
Tesla's Troubles: 4 Things Elon Musk Needs to Do Now to Restore Confidence
With Tesla shares now at their lowest level in two-and-a-half years, investors need reassurance that the carmaker is on the right path.
Uber Bull vs. Bear Case Emerges as Susquehanna Financial Initiates Coverage
One of Uber's biggest bears isn't worried about profitability, but rather something else that may surprise many.
Apple's Risks From a U.S.-China Trade War Are Rising: Analyst
The tech giant's issues in China run deeper than the direct impact of tariffs, according to Credit Suisse.
Amazon's Facial Recognition Technology Is Making Some Shareholders Nervous
A group of Amazon shareholders is seeking to suspend sales of Rekognition, Amazon's facial recognition technology, until its risks are better understood.