UPDATE: UBS Upgrades T. Rowe Price (TROW) to Buy
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(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.
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