T. Rowe Price price target lowered to $72 from $78 at BofA

BofA analyst Craig Siegenthaler lowered the firm’s price target on T. Rowe Price to $72 from $78 and keeps an Underperform rating on the shares as part of a Q1 earnings preview note on traditional asset managers. The firm expects T. Rowe Price’s negative organic growth to continue in Q1 despite positive seasonality with outflows stemming primarily from its active equity business, the analyst tells investors in a research note. BofA expects an EPS beat in Q1 given positive markets lifting management fees, incentive fees and non-operating income.