Artisan Partners slips after September AUM misses expectations

** Shares of asset manager Artisan Partners APAM.N fall 4% to $32.14

** APAM late on Friday unveils preliminary assets under management as of September 30; misses TD Cowen estimate by ~80 bps

** "We expect the stock to lag/decline on 10/12 reflecting the steeper than expected attrition for September and ongoing earnings headwinds," TD Cowen analysts say

** Brokerage cuts PT to $33 from $37, a 1.4% downside to last close

** One of four brokerages rates the stock "buy", two "hold" and one "sell"; median PT $34.50 - data compiled by LSEG

** As of last close, APAM stock down 16.8% YTD