T. Rowe Price upgraded to Neutral from Sell at Citi

Citi upgraded T. Rowe Price to Neutral from Sell with a price target of $95, down from $100. The stock has been under consistent pressure in recent months as outflows have weighed, and outflows are expected to continue in Q4 with seasonal pressure and the impact of a sub-advised mandate loss, the analyst tells investors in a research note. However, the firm expects a moderation in flow pressure in 2024, particularly if T. Rowe’s relative performance can continue to improve and there is a reasonable equity market backdrop. Citi sees a more balanced risk/reward after the stock’s selloff.