Investment manager T. Rowe Price Group, Inc. (
TROW ) on Friday received a big upgrade from
analysts at JP Morgan.
The firm boosted its rating on TROW from "Neutral" to
"Overweight" while lifting its price target from $73 to $77. That
new target suggests a 16% upside to the stock's Thursday closing
price of $66.41.
A JP Morgan analyst commented, "As we position our portfolio for
2013, we find the asset management sector attractive. We think
strong returns in 2012 (S&P500 return ~18% this year) combined
with meaningfully better returns than other asset classes and
falling volatility could start to drive better retail reengagement
in the mutual fund industry next year. With among the best fund
performance, we see T. Rowe as a major beneficiary of retail
reengagement. With the stock performing in line with the market,
but underperforming peers, we think T. Rowe can again
T. Rowe Price shares were mostly flat in premarket trading
The Bottom Line
Shares of T.Rowe Price Group ( TROW ) have a
2.05% dividend yield, based on last night's closing stock price of
$66.41. The stock has technical support in the $60-$62 price area.
The shares are trading near all-time highs.
T. Rowe Price Group, Inc. ( TROW ) is not
recommended at this time, holding a Dividend.com DARS™ Rating of
3.4 out of 5 stars.
Be sure to visit our complete recommended list of the Best Dividend Stocks , as well
as a detailed explanation of our ratings system here .
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