01:50 AM EDT, 03/14/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our 12-month target price by $10 to $122, valuing TROW at 15.3x our 2025 adjusted EPS estimate of $7.95 (lifted today by $0.30) and at 15.6x our 2024 EPS estimate of $7.80 (upped by $0.40), versus the shares' 3-year average forward multiple of 14.9x and the 12.6x average forward multiple of TROW's closest asset manager peers. We expect revenues in 2024 will be flat to up 5%, and will rise by 1% to 5% in 2025. Revenues in 2023 declined by 0.4%, better than our forecasted decline of 6% to 10%, as a 3.7% decline in investment advisory fees (TROW's main revenue source) was partly offset by a turnaround in performance based revenues. Assets under management (AUM) of $1.44 trillion as of December 31, 2023 rose by 13.3% year-over-year on market appreciation, partly offset by $82 billion of net client outflows. Weighing TROW's premium valuation versus peers with its subpar fund flow trends, we view the shares as fairly valued.