Investment manager T. Rowe Price Group, Inc. ( TROW ) on Friday saw its price target cut by analysts at Jefferies & Co.
The firm said it lowered its target on TROW to $58, suggesting a smaller 17% upside to the stock's Thursday closing price of $49.44. Jefferies said it made the move amid increasingly volatile markets, but still maintained its "Buy" rating.
T. Rowe Price shares, which have fallen more than 23% year-to-date, were unchanged in premarket trading Friday.
The Bottom Line
Shares of T.Rowe Price ( TROW ) have a 2.51% dividend yield, based on last night's closing stock price of $49.44. The stock has technical support in the $45-$46 price area. If the shares can firm up, we see overhead resistance around the $52-$55 price levels.
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.
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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