🔴 Artisan Partners is trading 4.2% down after TD Cowen cut its target

Artisan Partners is trading 4.2% down at $31.07 after TD Cowen cut its target amid September AUM weakness.

• On October 12, TD Cowen cut its target to $33 from $37, citing September AUM about 80 basis points below estimate and elevated client attrition that could weigh on earnings.
• Reporting noted a $6 billion Global Value mandate loss; shares fell 3.08% on October 12 and reached a reported 52-week low on October 13.
• Broader markets were only modestly lower; no trading-volume figure was available.