Jefferies Raises Price Target on T. Rowe Price (TROW)
Jefferies reported on Wednesday that they increased their price target for financial services company, T. Rowe Price Group, Inc.(TROW)
The firm has maintained its “Buy” rating on TROW, and has increased its price target from $73 to $78. This price target suggests a 13% increase from the stock’s current price of $67.93.
An analyst from the firm commented, “both the traditional and alternative asset managers will begin reporting 4Q earnings next week, with BLK kicking things off on Wed, Jan 16th. Our numbers move modestly higher, mostly due to int’l equity market gains and an improved outlook for performance fees. We see AMG and BLK as relative positive stand-outs in terms of organic growth in the period.”
T. Rowe Price shares were mostly flat during Wednesday morning trading. The stock has increased 16.6% in the past year.
The Bottom Line
Shares of T.Rowe Price (TROW) have a 2.00% dividend yield, based on last night’s closing stock price of $67.97. The stock has technical support in the $64 price area. The shares are trading near all-time highs.
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.
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