Investment advisor T. Rowe Price Group, Inc. ( TROW ) on Wednesday saw its rating cut by analysts at Goldman Sachs.
The firm said it downgraded TROW from "Buy" to "Neutral" with a $70 price target. That target suggests a nearly 11% upside from the stock's Tuesday closing price of $63.30.
A Goldman analyst commented, "Performance and flows are solid, but with 75% of AUM in EQ, less robust assumptions for market performance, and a lumpier path of organic growth, we prefer less equity exposure and look for better risk/rewards."
T. Rowe Price shares were mostly flat in premarket trading Wednesday.
The Bottom Line
Shares of T.Rowe Price ( TROW ) have a 1.96% dividend yield, based on last night's closing stock price of $63.30. The stock has technical support in the $57-$60 price area. If the shares can firm up, we see overhead resistance around the $68-$70 price levels.
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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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