T. Rowe Price price target lowered to $109 from $118 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on T. Rowe Price to $109 from $118 and keeps an Equal Weight rating on the shares. In its earnings preview for the asset managers, the firm notes it has lowered its FY23 and FY24 EPS estimates by 3% and 6%, respectively, on lower AUM levels and soft flows. The firm’s forecasts are now about 1% and 6%, respectively, below consensus on FY23 and FY24 EPS and adds its sees continued near-term pressure for the traditional managers given uncertain and volatile markets.