Jefferies Reiterated Buy on T. Rowe Price Group (TROW) Following Announced CEO Transition

Jefferies reiterated a Buy rating and $96.00 price target on T. Rowe Price (NASDAQ: TROW) following an announced CEO transition. Analyst Daniel Fannon said that the announced CEO transition at the end of this year is not surprising. Fannon is fearful that the transition wont bring any substantial change.

Fannon commented, "The announced CEO transition at the end of this year is not overly surprising, in our view. While admittedly 1-2 years earlier than we had expected, we are fearful that the transition is unlikely to result in any substantive change at the firm. While you never know, Mr. Stromberg is a TROW veteran of 28 years, similar to that of Mr. Kennedy, and it is unlikely that his strategic views of the company are dramatically different. That said, below we list a few of the areas we would like to see addressed with a fresh set of eyes from the corner office."

For an analyst ratings summary and ratings history on T. Rowe Price click here. For more ratings news on T. Rowe Price click here.

Shares of T. Rowe Price closed at $79.07 yesterday.

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