Morgan Stanley raised its price target on T. Rowe Price Group to $109 from $105 while reiterating an Equal Weight rating. The firm increased its second-quarter earnings per share estimates by an average of 7.5% and said it would be a buyer of traditional asset managers ahead of Q2 results, expecting broad-based earnings beats supported by a favorable market backdrop and improving fund flows. Earlier, on June 10, T. Rowe Price reported May assets under management rose to $1.89 trillion from $1.83 trillion in April, with net inflows of $3.3 billion, helped by a large contribution to its target date retirement funds. Equity assets grew to $919 billion and multi-asset assets to $691 billion, while target date retirement funds reached $623 billion.
T. Rowe Price Group IncMorgan Stanley raised price target and EPS estimates, citing favorable market backdrop and improving fund flows.
Morgan Stanley