Citi Cuts T Rowe Price EPS Estimate; Affirms Buy Rating (TROW, C)

Citigroup Global Markets (NYSE: C) cut T Rowe Price Group Inc.'s (NASDAQ: TROW) fiscal 2010 EPS estimate from $2.49 to $2.45. Citigroup also reduced its price target to $57 from $60 to reflect the reduced EPS expectation and a "lower target multiple given recent sector downward revaluation."

Citigroup, however, affirmed its Buy rating because it believes T Rowe Price is "well positioned to outgrow [the] sector organically" and the "likely" possibility of a stock buyback.

T Rowe Price Group Inc. provides investment advisory services and manages a range of U.S. domestic and international stock, blended asset, bond and money market mutual funds. The stock closed June 17 at $49.44.