Wells Fargo Cuts Estimates & Price Target on T. Rowe Price (TROW) Following Weak Q1 Results

Wells Fargo is maintaining its Market Perform rating on shares of T. Rowe Price (NASDAQ: TROW), but is lowering its valuation range from $68-$71 to $66-69.

The firm is also lowering its 2011 and 2012 EPS estimates from $3.25 and $3.75 to $3.15 and $3.60 due to lower than previously anticipated revenue expectations, higher expenses, and a larger share count. Wells Fargo is also modeling a modestly higher tax rate during its forecast period.

Wells Fargo comments, "We continue to award TROW shares a premium multiple, which we believe is warranted due to its strong brand, balance sheet, long-term investment performance, consistent flow trends and higher operating margin."

For more ratings news on T. Rowe Price click here and for the rating history of T. Rowe Price click here.

Shares of T. Rowe Price closed at $64.08 yesterday.

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