Keefe Bruyette downgraded Invesco to Market Perform from Outperform with a price target of $17, down from $19. A fee rate and adjusted operating income miss weighed on shares again this quarter, the analyst tells investors in a research note. The firm says that while Invesco remains one of the better positioned traditional managers in its coverage from an organic growth perspective, its assets under management mix shift continues to be a headwind for shares as growth accelerates in lower fee rate products. Keefe sees a more balanced risk/reward at current share levels post the Q1 report.