** 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))
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