UPDATE: Susquehanna Raises PT on T. Rowe Price Group Following 3Q13 Earnings Preview
In a report published Wednesday, Susquehanna International Group analyst Doug Sipkin reiterated a Neutral rating on T. Rowe Price Group (NASDAQ: TROW), and raised the price target from $70.00 to $74.00.
In the report, Susquehanna International Group noted, “We are raising our 3Q13 and full-year estimates. Our 3Q estimate is now $0.93 compared to $0.91, previously. Our full-year 2013 and 2014 estimates are $3.77 and $4.11 compared to $3.72 and $3.95, previously. The revision is reflective of solid equity performance for the quarter in the range of 8%-9%. We are modeling total outflows of $2 billion. Shares are screening cheaper than they have in some time. However, questions remain regarding the pace of other portfolio outflows, lack of buyback activity, and choppy mutual fund flows. We do raise our target to $74 to reflect the earnings revision but we believe shares are now a “show me” story, which is unusual for T. Rowe Price. Investors want stabilization in other portfolios and buybacks. We would view either as a potential catalyst. Reiterate Neutral.”
T. Rowe Price Group closed on Tuesday at $70.98.
Latest Ratings for TROW
|Oct 2015||JP Morgan||Maintains||Underweight|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.