Invesco price target lowered to $19.50 from $21 at TD Cowen

TD Cowen lowered the firm’s price target on Invesco to $19.50 from $21 and keeps a Buy rating on the shares. The firm said its Q1 report did little to alter the narrative that they can not generate meaningful operating/EPS leverage even as AUM climbs; though Cowen thinks related headwinds should further abate into 2H 2024/2025.