Stifel Nicolaus lowers its rating on T. Rowe Price Group, Inc. TROW to Hold from Buy on valuation.
Stifel Nicolaus says, “*We are changing our rating on the shares of TROW to Hold from Buy as the current valuation does not allow for significant further appreciation, in our opinion. A recent rally in the shares has put the premium valuation at the high of the historical range. We point out that the current P/E is below the historical average, but the entire group is trading well below the historical average based upon the challenging environment.”
TROW closed at $56.99 per share on Thursday.
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