UPDATE: Citigroup Lowers PT on Invesco Ltd from $24.50 to $24.00

Citigroup has published a report on Invesco Ltd IVZ lowering the price target slightly from $24.50 to $24.00. In the report, Citigroup wrote, "Maintain Hold but trim target $0.50 to $24 on reduced EPS estimate — As we see mixed (though improving) lead indicators around products, flows, and geographies. No question, some signs of improvement are present, and we are encouraged by the deceleration in equities attrition. That said: 1) equities flows continue to lag peers; and, 2) valuation screens above average on an EV basis, limiting the risk/reward, in our view. We prefer AMG as a stronger play on the institutional/global theme or WDR as a U.S. retail play. Trimming 2012-13 adjusted EPS estimates — Raise 2011 adjusted EPS $0.01 to $1.75 reflecting the 2Q beat, higher other revenue forecast, and lower share count partially offset by lower revenue yield and pushed out WLR V raise. We lower 2012-13 to $1.89/$2.17 versus $1.92/$2.20 prior on combo of lower fee rate and delayed WLR raise but higher buyback." Citigroup rated Invesco Ltd a Medium Risk HOLD with a price target lowered from $24.50 to $24.00. Invesco Ltd closed Tuesday at $23.04.