T. Rowe Price initiated with an Underperform at TD Cowen

TD Cowen initiated coverage of T. Rowe Price with an Underperform rating and $88 price target. The analyst cites the management having guided to elevated Q4 long-term net outflows, even though it noted that the pace of attrition should ease into 2024 before potentially inflecting into 2025. TD Cowen adds however that its sees room for additional relative P/E multiple compression for T. Rowe Price relative to its peers, particularly given the more robust tactical and strategic positioning elsewhere.