T. Rowe Price price target lowered to $107 from $116 at Jefferies

Jefferies lowered the firm’s price target on T. Rowe Price to $107 from $116 and keeps a Hold rating on the shares. Ahead of Q3 earnings for the U.S. asset manager group, the firm cut its EPS estimates by 3.4% on average, while its full year 2024 EPS estimates have decreased by about 5.4%. Negative beta is the primary factor in the estimate changes, notes the analyst, who also cites ongoing fee pressure as flows continue to favor passive and other low cost vehicles, though valuations for the group are approaching trough levels, which the firm views as “attractive.”