UPDATE: Credit Suisse Downgrades T. Rowe Price Group to Neutral on Flows and Expenses

Credit Suisse reduced its rating on T. Rowe Price Group

from Outperform to Neutral. Credit Suisse commented, "Downgrading TROW to Neutral from Outperform. Estimate (1) the modest increase in expenses associated with TROW's Owings Mills Campus expansion in 2H13 may lift total expenses above market expectations, and (2) institutional quarterly net flows will on average be low (-$1B-+$1B), and still exhibit high quarterly volatility. These two drivers support our below consensus estimates - only 2% below on 2014 EPS, but gap should widen further once peers mark up AuM following positive 3Q marks." T. Rowe Price Group closed at $63.37 on Wednesday.