Wells Fargo analyst Finian O’Shea lowered the firm’s price target on T. Rowe Price to $110 from $123 and keeps an Equal Weight rating on the shares. The firm is also cutting EPS estimates on September AUM disclosed at 4.9% below its previous forecast. Recent near-term fund performance improvement and moderation in September outflows bode well, but Q3 flows remained disappointing, Wells adds.
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