UPDATE: UBS Upgrades T. Rowe Price (TROW) to Buy
- Wall Street flat as telecom gains fail to counter oil drop
- Equinix (EQIX) Announces $3.6B Acquisition of Data Center Portfolio from Verzion (VZ)
- Deal Progress Said to Slow as Johnson & Johnson (JNJ) Puts Actelion (ALIOY) Under Microscope - Source
- Trump Wants to Cancel New Air Force One Order with Boeing (BA)
- Roper Industries (ROP) to acquire Deltek in $2.8B Deal
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
(Updated - November 10, 2016 9:54 AM EST)
UBS upgraded T. Rowe Price (NASDAQ: TROW) from Neutral to Buy with a price target of $82. Analsyt Brennan Hawken thinks the DOL rule will be on hold given the outcome of the election.
"Following the surprise US election outcome, we believe the likelihood of a delay or repeal of the DOL's fiduciary rule has increased. As a result we expect some of the pressure on TROW's multiple and earnings outlook to moderate," said Hawken.
"TROW has suffered from upward expense pressure as they invest to position the company for both international expansion and new regulatory realities. Given the election results, we see the need to invest for regulatory initiatives moderating. While the extent of the relief is far from certain, the direction is positive. Therefore, we are modestly lowering our forecast for expense growth in 2017 to 6% from 7%," added the analyst.
Shares of T. Rowe Price closed at $68.35 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Stifel Upgrades Martin Midstream Partners (MMLP) to Buy
- Wedbush Raises Price Target on Gibraltar Industries (ROCK) to $52; Reiterates Outperform
- BTIG Downgrades Essent Group (ESNT) to Neutral
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Upgrades
Related EntitiesUBS, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!