T. Rowe Price Upgraded to “Outperform” at Wells Fargo (TROW)

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Investment advisor T. Rowe Price Group, Inc. ( TROW ) saw its rating and valuation range boosted on Tuesday by analysts at Wells Fargo.

The firm raised its rating on TROW to "Outperform" from "Market Perform," and upped its valuation range on the stock from $54-56 to $57-60. That new range represents a 15% to 22% upside to the stock's Monday closing price of $49.38.

A Wells analyst commented, "Our rating change is based on our view that shares of TROW should benefit from a recovery in the U.S. equity markets as the Company has more exposure to U.S. equity and blended assets relative to other asset managers in our universe. In addition, flows continue to be strong (particularly into TROW's target date retirement funds) and we believe this trend will continue."

T. Rowe Price shares rose $1.02, or +2.1%, in premarket trading Tuesday.

The Bottom Line
Shares of TROW have a dividend yield of 2.10%, based on last night's closing stock price of $49.38. The stock has technical support in the $43-$45 price area. If the shares can firm up, we see overhead resistance around the $55 price level. We would remain on the sidelines for now.

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 .



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.

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