** Brokerage TD Cowen downgrades asset manager Invesco IVZ.N to "hold" from "buy" and lowers PT to $13 from $22

** New PT still implies a 7.1% upside to stock's last close

** The company's shares are down 3.4% at $11.73 premarket

** IVZ will see a sharp decline in earnings due to NAV (net asset value) compression and widening revenue growth gap - brokerage

** Brokerage says the company has reduced balance sheet flexibility and it sees risk to consensus estimates

** Street's estimates are still too high and IVZ may struggle to deliver year-over-year growth - TD Cowen

** Two out of 15 brokerages rate the stock "buy" or higher, 12 "hold", 1 "sell"; median PT is $17.5 - data compiled by LSEG

** As of last close, IVZ shares down 30.5% YTD

(Reporting by Padmanabhan Ananthan)

((Padmanabhan.Ananthan@thomsonreuters.com))