Credit Suisse Assumes, Downgrades Artisan Partners Asset Management (APAM) to Neutral

Credit Suisse downgraded Artisan Partners Asset Management (NYSE: APAM) from Outperform to Neutral with a price target of $26.00 in assumed coverage.

Analyst Ari Ghosh commented, "APAM’s long-term fund performance has steadily declined from industry-leading levels (~80% of its retail AuM was rated 4/5 stars by Morningstar in Dec’15) to below the industry average over the last 6 months. Additionally, its 12 month rolling performance is negative (on absolute return basis) for 9/14 of its funds. Furthermore, we believe that the company's fund capacity is another limiting factor, as ~40% of APAM’s funds (6 of 14), representing 70%+ of its total AuM base, are closed to all new investors. Accordingly, we expect weaker performance and fund capacity to further pressure net flow trends in 2016/17."

For an analyst ratings summary and ratings history on Artisan Partners Asset Management click here. For more ratings news on Artisan Partners Asset Management click here.

Shares of Artisan Partners Asset Management closed at $27.70 yesterday.

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