T. Rowe Price initiated with an Underweight at Barclays

Barclays initiated coverage of T. Rowe Price with an Underweight rating and $99 price target. Relative to the rest of its coverage, the firm sees the traditional asset managers “facing the most meaningful industry-wide headwinds. Organic growth remains challenging at T Rowe, and while the company has a sizeable retirement franchise that could benefit from demographic trends, the company is also experiencing ongoing equity outflows and fee pressure given its limited exposure to faster-growth areas like ETFs and alternatives, the analyst tells investors in a research note.