Carlyle price target lowered to $37 from $54 at TD Cowen

TD Cowen analyst Bill Katz lowered the firm’s price target on Carlyle (CG) to $37 from $54 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).