UPDATE: Stifel Nicolaus Downgrades T. Rowe Price to Hold

Stifel Nicolaus lowers its rating on T. Rowe Price Group, Inc.

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.