UPDATE: Credit Suisse Reiterates Neutral Rating, Lowers PT on T. Rowe Price Group
In a report published Wednesday, Credit Suisse reiterated its Neutral rating on T. Rowe Price Group (NASDAQ: TROW), but slightly lowered its price target from $66.00 to $65.00.
Credit Suisse noted, “TROW reported 4Q12 EPS of $0.88, which was 1 cent below our estimate and the consensus of $0.89. Operating income was $5M below our estimate of $366M due to weaker than forecasted mgmt fees, partially offset by lower compensation. Higher investment income drove non-operating income higher, while a lack of share repurchases lead to a higher than expected share count.”
T. Rowe Price Group closed on Tuesday at $71.61.
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Tags: Credit Suisse