TD Cowen Keeps Hold Ratings on Three Companies

what happened

According to Newsmetry API, citing reference data from Benzinga, TD Cowen kept its Hold rating on Artisan Partners Asset and maintained a $33.00 price target. The target indicates 1.4% downside from the Oct 9 close of $33.46. The company’s assets under management came in approximately 80 basis points below estimates, mainly because of a significant mandate loss in the Global Value strategy. Elevated attrition is also expected to weigh on earnings.

TD Cowen likewise maintained Hold on Chevron, with a $225.00 target. That target implies 6.1% upside from the Oct 9 closing price of $211.98. The note cited regulatory risks affecting offshore drilling, uncertainty around unconventional drilling, slower growth at several large assets and pressure from operating expenses and project execution.

For RenaissanceRe Holdings, the brokerage retained Hold and a $320.00 price target, representing 3.4% downside from the Oct 9 close of $331.38. Strong underwriting capabilities support the business, while catastrophe exposure, lower property reinsurance pricing and continuing concerns about casualty exposures support a cautious view.

why it matters

The comments point to different sources of market sensitivity: weaker capital inflows and earnings pressure for Artisan Partners Asset, regulation and costs for Chevron, and underwriting volatility and reinsurance pricing for RenaissanceRe Holdings.

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