Jefferies & Co. has a Buy rating and a $60 price target on T. Rowe Price TROW, as it believes the money manager is well positioned for organic growth.
In the research note, Jefferies writes,"TROW continues to experience strength in its institutional channel, offset by softness in the retail channel. Of the company's distribution channels it appears the direct retail channel remains subdued, a trend that has been the case since May. The intermediary channel has shown some improvement but remains below levels experienced earlier in the year. Lastly, the institutional channel remains the most active with a consistently strong backlog and a greater focus on equity vs fixed income. We believe 3Q10 flows are tracking essentially in line with 2Q10 levels of approx. $5B."
Shares of TROW gained $1.37 yesterday to close $51.03, a gain of 2.76%.
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