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T. Rowe Price Upgraded to “Buy” at Bank of America/Merrill Lynch on Strong Fund Performance (TROW)

By Dividend.com,  July 10, 2012, 09:04:44 AM EDT

Investment manager T. Rowe Price Group, Inc. ( TROW ) on Tuesday caught a big upgrade from analysts at Bank of America/Merrill Lynch.

The firm boosted its rating on TROW from "Neutral" to "Buy" with a $74 price target, suggesting a 20% upside to the stock's Monday closing price of $61.74. Bank of America/Merrill Lynch noted the company's funds are outperforming the broader market, hence the bullish view.

T. Rowe Price shares, which have gained more than 8% year-to-date, were mostly flat in premarket trading Tuesday.

The Bottom Line
Shares of T.Rowe Price ( TROW ) have a 2.20% dividend yield, based on last night's closing stock price of $61.74. The stock has technical support in the $55 price area. The stock is trading near the all-time high price levels of $65-$67 a share.

T. Rowe Price Group, Inc. ( TROW ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 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 .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: TROW



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