Jefferies Lifts PT on T.Rowe Price (TROW) to $88 Following CFO Meeting

Jefferies reiterated a Buy rating on T. Rowe Price (NASDAQ: TROW), and raised the price target to $88.00 (from $84.00), after spending time with management. Overall the tone around growth appears to be on better footing when compared to the last several years. While U.S. mutual fund flows remain challenged due to weak industry trends and several fund closures, the target date segment remains a source of growth. YTD target date inflows are $14.1B, which compares to $14.0B during the same time period last year. TROW continues to invest in its non-US segment, which is in the early stages of contributing.

Analyst Daniel Fannon commented, "Last week we spent time with the CFO of TROW. Overall the tone around growth appears to be on better footing when compared to the last several years. Specifically, the redemption trends from both domestic and non-U.S. institutional clients appear better and gross sales within its international platform are beginning to ramp, albeit from a small base."

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 $76.03 yesterday.

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