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TROW

T. Rowe Price

$117.40

0.05 (0.04%)

16:57
01/22/18
01/22
16:57
01/22/18
16:57

T. Rowe Price sees FY18 effective tax rate 24%-27%

On December 22, 2017, a comprehensive U.S. tax reform bill originally known as the "Tax Cuts and Jobs Act" was enacted into law. T. Rowe Price Group is required to recognize the effect of the Tax Reform in its 2017 financial statements, even though the effective date of the law for most provisions is January 1, 2018. Based on information currently available, the Firm's 2017 financial statements will include a one-time charge to net earnings of approximately $71M (28c in diluted earnings per share) to reflect the remeasurement of the Firm's deferred tax assets and liabilities and the recognition of a tax liability for the mandatory deemed repatriation of the Firm's foreign sourced net earnings. The resulting increase in the Firm's 2017 effective tax rate from this charge is expected to be offset in part by higher than expected tax benefits related to the exercise of stock options and vesting of restricted stock, and net income attributable to redeemable non-controlling interests. Thus, the Firm estimates its effective tax rate will increase to approximately 37%, compared with 35.9% disclosed in its third quarter 2017 earnings release. The Firm estimates that the reduction in the U.S. corporate tax rate (from 35% to 21%) in 2018, combined with other miscellaneous tax changes that affect certain tax deductions, will result in a lower 2018 effective tax rate in the range of 24.0% to 27.0%. The Firm's effective tax rate will continue to experience volatility in future periods as the tax benefits recognized from stock based compensation are impacted by market fluctuations in the Firm's stock price and timing of option exercises. The rate will also be impacted by changes in our consolidated investment products that are driven by market fluctuations and changes in the proportion of their net income that is attributable to non-controlling interests, which is not taxable to the Firm. The Firm continues to evaluate the impact of the Tax Reform that might result in changes to its estimates and expectations due to changes in the Firm's interpretations of the law changes, assumptions used, and additional guidance that may be issued.

TROW T. Rowe Price
$117.40

0.05 (0.04%)

10/05/17
MSCO
10/05/17
UPGRADE
Target $93
MSCO
Equal Weight
T. Rowe Price upgraded to Equal Weight from Underweight at Morgan Stanley
Morgan Stanley analyst Michael Cyprys upgraded T. Rowe Price to Equal Weight and increased its price target to $93 from $77 due to strong year-to-date investment performance and encouraging flow data.
01/08/18
BOFA
01/08/18
UPGRADE
BOFA
Buy
T. Rowe Price upgraded to Buy from Neutral at BofA/Merrill
01/08/18
BOFA
01/08/18
UPGRADE
Target $125
BOFA
Buy
T. Rowe Price upgraded to Buy at BofA/Merrill
As previously reported, BofA/Merrill upgraded T. Rowe Price to Buy from Neutral from Buy and raised its price target to $125 from $113. Analyst Michael Carrier sees further upside for shares given an improving flow outlook driven increased traction for new products, technology, distribution channels, and continued good investment performance. Further, Carrier said T. Rowe will benefit from tax reform, moderating expenses, and a robust balance sheet.
01/09/18
UBSW
01/09/18
UPGRADE
Target $110
UBSW
Neutral
T. Rowe Price upgraded to Neutral from Sell at UBS
UBS analyst Brennan Hawken upgraded T. Rowe Price to Neutral and raised his price target for the shares to $110 from $75. The company's heavier weighting toward equity products, and its largely domestic business, position it well for the current environment, Hawken tells investors in a research note. Further, he expects T. Rowe to have among the highest benefit in the group from the recent tax reform.

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