Investment advisor T. Rowe Price Group, Inc. (
) 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
T. Rowe Price shares rose $1.02, or +2.1%, in premarket trading
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. (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.4 out of 5 stars.
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, as well as a detailed explanation of
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