T. Rowe Price upgraded to Hold at TD Cowen ahead of earnings

As previously reported, TD Cowen analyst Bill Katz upgraded T. Rowe Price to Hold from Sell with a price target of $114, up from $92. The firm sees “interesting set-ups” among the asset managers into the group’s Q1 reports and while it continues to favor the alternative asset managers, “they have had big runs into earnings season” and it notes that its revised 2024-25 earnings forecasts are generally at or below consensus. Conversely, sentiment on traditionals “remains tepid generally,” notes the firm, which “sharply” raised estimates and sees the biggest upside revisions brewing in that area of the group, the analyst tells investors in a preview note.