Artisan Partners price target lowered to $35 from $46 at TD Cowen

TD Cowen lowered the firm’s price target on Artisan Partners (APAM) to $35 from $46 and keeps a Hold rating on the shares. Ahead of the Q1 reports, the firm reduced estimates for asset managers and retail brokers, and increased numbers for the exchanges. Charles Schwab (SCHW) remains TD’s top overall pick, followed by Apollo Global (APO). The analyst also added Janus Henderson (JHG) to the firm’s top three picks, replacing Blackstone (BX).