T. Rowe Price’s Target, Estimates Cut at Citigroup on Lowered Guidance (TROW)

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Financial services company T. Rowe Price Group, Inc. ( TROW ) saw its price target and earnings estimates lowered on Friday by analysts at Citigroup.

The firm cut its target for TROW shares $57 from $60, citing the company's recently-reduced EPS guidance. That new target would represent a 15% upside to the stock's Thursday closing price of $49.44.

Citigroup also lowered its estimates for TROW through 2011, but maintained its "Buy" rating.

T. Rowe Price shares fell 35 cents, or -0.7%, in premarket trading Friday.

The Bottom Line
Shares of TROW have a dividend yield of 2.18%, based on last night's closing stock price of $49.44. 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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This article appears in: Investing , Stocks

Referenced Stocks: TROW

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