Today's noteworthy initiations include: Affiliated Managers (AMG) initiated with a Buy at Goldman... AllianceBernstein (AB) initiated with a Neutral at Goldman... Artisan Partners (APAM) initiated with a Conviction Buy at Goldman... BlackRock (BLK) initiated with a Buy at Goldman... California Resources (CRC) initiated with a Sell at Goldman... Fenix Parts (FENX) initiated with a Buy at Stifel... Fifth Street Asset (FSAM) initiated with a Neutral at Goldman... Franklin Resources (BEN) initiated with a Sell at Goldman... Galapagos NV (GLPG) initiated with an Outperform at Credit Suisse... Home Depot (HD) initiated with an Overweight at Atlantic Equities... Invesco (IVZ) initiated with a Neutral at Goldman... Janus Capital (JNS) initiated with a Buy at Goldman... KapStone (KS) reinstated with an Overweight at Barclays... Lowe's (LOW) initiated with a Neutral at Atlantic Equities... Medley Management (MDLY) initiated with a Neutral at Goldman... Memorial Resource (MRD) initiated with a Buy at KLR Group... Mid-America Apartment (MAA) initiated with an Outperform at Cowen... Shell Midstream (SHLX) initiated with a Market Perform at Wells Fargo... T. Rowe Price (TROW) initiated with a Neutral at Goldman... Urban Edge (UE) initiated with an Equal Weight at Morgan Stanley... Virtus Investment (VRTS) initiated with a Neutral at Goldman... WisdomTree (WETF) initiated with a Neutral at Goldman.

Deutsche Bank analyst Brian Bedell lowered the firm's price target on Invesco to $15 from $17 and keeps a Hold rating on the shares. The company reported a "difficult" Q1 with pressure on fee rates and margins, the analyst tells investors in a research note.

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.