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Fly News Breaks for May 24, 2017
TROW
May 24, 2017 | 05:34 EDT
UBS analyst Brennan Hawken double downgraded T. Rowe Price to Sell from Buy and cut his price target for the shares to $61 from $77. The analyst expects furtehr compression of the company's multiple given 401k litigation risk. While T. Rowe is negatively impacted by the Department of Labor fiduciary rule, the 2010 DOL rule that increased transparency into 401k fees is the "underappreciated threat," Hawken tells investors in a research note. He believes outflows from the company's Target Date Funds are just beginning.
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