Citi slashes price target for Australia's Perpetual as EQT pursuit ends

** Citi cuts target price for Perpetual PPT.AX to A$17.5 from A$20.25, following the close of EQT AB's EQTAB.ST pursuit of the asset manager

** Perpetual on Monday said that it rejected another sweetened takeover offer from EQT; confirms conclusion of co's engagement process with the private equity firm

** Citi says that with the EQT bid now "seemingly dead and buried", it removes the brokerage's valuation premium that had recognised the likely impact of current corporate activity on share price

** Citi adds that now focus goes back on fundamentals, with its Asset Management business continuing to face significant outflows, adverse mix and margin pressure as higher-margin flows exit

** Brokerage, however, notes that co's Corporate Trust remains a high-quality business, while the pending Wealth Management sale could alleviate balance sheet concerns and create scope for buybacks

** Perpetual up 0.6% after a 15.1% tumble in the previous session, bringing YTD losses to 10.3%