UPDATE: Evercore ISI Downgrades T. Rowe Price (TROW) to In Line
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Evercore ISI analyst Glenn Schorr downgraded T. Rowe Price (NASDAQ: TROW) from Outperform to In Line with a price target of $211.00.
The analyst comments "On TROW, while we’ve been big fans of this great but higher multiple company for a long time, while the stock is up 6% over that same time frame, it has had a stretch of softer flows despite very strong markets & great performance, we’re wary of target-date competition and lofty equity valuations plus some fee compression and higher expenses related to its forward thinking investment spend & the splitting of the company. While some of this is balanced-out by its almost always great performance & a huge and peer-best operating margin to cushion market drops & fund future growth (and some of that is working), we just see more opportunity & growth elsewhere, particularly within the alternative managers."
Shares of T. Rowe Price closed at $204.62 yesterday.
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