TPG price target lowered to $45 from $48 at TD Cowen

TD Cowen lowered the firm’s price target on TPG (TPG) to $45 from $48 and keeps a Hold rating on the shares. The firm updated models in the alternative asset manager group post the Q1 reports. The sector’s long-term earnings power continues to climb but current earnings quality remains low, the analyst tells investors in a research note.