- Artisan Partners Asset Management (NYSE:APAM) falls 2.6% after Citi analyst William Katz downgrades the stock to Neutral from Buy after news that APAM will partially close its High Income fund, a review of rolling relative returns, and a look at "other Gen III portfolios that could face building capacity issues."
- Katz expects more "checkered reaction" to APAM's earnings call on April 28 regarding the flow outlook, "likely capping residual upside."
- The analyst is reducing expected Gen III organic growth rate. "While we are encouraged by nascent Gen IV opportunities, they are likely longer tailed, in our view," he writes.
- Katz now sees ~3% per year organic growth in 2021-23; had seen ~3% growth this year, 4%+ for 2022, and 5%+ for 2023.
- Lowers price target to $58 from $68.
- Katz's Neutral rating contrasts with the Very Bullish Quant rating and the average Wall Street analyst rating of Bullish (2 Very Bullish, 3 Bullish, 1 Neutral).
Artisan Partners Asset Management stock dips after Citi downgrades to Neutral
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Symbol | Last Price | % Chg |
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