UPDATE: J.P. Morgan Downgrades T. Rowe Price Group to Neutral, Lowers Price Target to $54
According to J.P. Morgan, T. Rowe Price Group (NASDAQ: TROW) is downgraded to Neutral.
J.P. Morgan said that it is downgrading T. Rowe from Overweight to Neutral. Ultimately the downgrade is based on valuation that has increased meaningfully relative to peers, while sales (organic growth) and sales fluctuations are looking increasingly like peers. “T. Rowe is one of the highest quality asset managers, with outstanding fund performance. It is also aggressively building its 3rd-party distribution, which we feel is under-penetrated.”
T. Rowe Price Group closed yesterday at $57.84.
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