Citi Lowers Price Target for T Rowe Price, Still Rates Buy (TROW)

Citi analyst William Katz reaffirmed a Buy rating for T Rowe Price Group (NASDAQ: TROW), while lowering EPS to $57.00 from $60.00.

According to Katz, upsides for T Rowe Price include:
"1) TROW well positioned to outgrow sector organically; and
2) buyback likely dominant liquidity/FCF theme"

Risks include:
"1) less margin upside versus prior expectations; and
2) 2010-2012 consensus estimates are at risk"

2010-2012 EPS estimates were revised downwards to $2.45/$2.68/$3.03 from $2.49/$2.73/$3.12.

TROW is currently trading at $49.31.