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.