UPDATE: Citigroup Upgrades T. Rowe Price Group to Neutral, Raises PT

In a report published Monday, Citigroup upgraded its rating on T. Rowe Price Group TROW from Sell to Neutral, and raised its price target from $56.00 to $63.00. Citigroup noted, “Higher target price is a function of a higher EPS outlook, or 17x our revised 2013 EPS estimate. We no longer feel it is prudent to recommend an outright Sell following TROW's P/E multiple contraction and leverage to upward equities markets. Additionally, TROW continues to gain share versus active managers though we still harbor some concerns that: a) margins may be topping out; and, b) the firm's move into global and third-party business could structurally pressure the P/E multiple.” T. Rowe Price Group closed on Friday at $64.17.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorUpgradesPrice TargetAnalyst RatingsCitigroup
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!