TD downgrades Invesco to Hold with estimates ‘well too high’

TD Cowen downgraded Invesco (IVZ) to Hold from Buy with a price target of $13, down from $22. The firm likes the moves by management to improve the platform, but says the company’s earnings power is “sharply cut due to acute” net asset value compression. Street estimates for Invesco are still “well too high,” says TD, which would prefer to rotate into stronger long-term flow stories, “backed by more durable drivers.” The firm says Invesco’s balance sheet flexibility “is again stalled.”